Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires

Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to strengthen its business serving wealthy Indians in Dubai.

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Swiss wealth manager Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to beef up its business catering to rich Indians in Dubai.

Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global non-resident Indians business in the emirate, according to a statement. Nisar Sindhi, previously at JPMorgan, has been named managing director and senior adviser.

Global private banking firms have been adding staff in the Gulf to cater to a growing number of wealthy clients who’ve flocked to the region. Banco Santander SA is boosting private banking operations in Dubai, while HSBC Holdings Plc added 100 bankers in the region last year and plans hire “opportunistically” in the coming months.


The United Arab Emirates alone attracted some 4,500 new millionaires last year, according to consultancy Henley & Partners. The number of registered foundations — a vehicle commonly used by wealthy families — rose by 53% in Dubai last year. In rival Abu Dhabi, with its $1.5 trillion in sovereign wealth funds, the number jumped by 35%, according to wealth advisory firm M/HQ.

Julius Baer’s new recruits will focus on non-resident Indians, a lucrative segment of the bank’s wealth management offering bolstered by the growing number of wealthy Indians living overseas. Advani and Sindhi will both report to Tarun Jalali, who heads the unit in Dubai.

In addition, two relationship managers will make the move to Julius Baer from UBS.
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“These strategic hires signal our growth ambitions for the Global NRI Business as we set to expand our positioning in this fast-paced market environment,” said Kunal Sumaya, head of Global NRI at Julius Baer. “The UAE as a location is of great importance to us.”

Advani previously worked at Credit Suisse, Societe Generale SA and Citigroup Inc. Sindhi spent 13 years at JPMorgan’s private bank in Dubai — where he covered ultra-high net worth individuals in the UAE, Bahrain and Oman — and previously worked at Citi and ABN Amro.

​How much foreign currency can you carry abroad? A country-wise break up​
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When you travel abroad, there might be limits on how much cash you can carry. This is to control money movement, fight crime, and protect financial systems. The exact amount varies by country, but you'll usually have to declare larger sums upon arrival.


Luckily, you can still use credit cards, debit cards, or electronic transfers for most things, offering both convenience and following the rules.

When you travel abroad, there might be limits on how much cash you can carry. This is to control money movement, fight crime, and protect financial systems. The exact amount varies by country, but yo..
Read More

Dubai has a limit on how much cash you can bring in without declaring it: 100,000 Dirham. This helps them fight crime. If you're carrying more, just let customs know when you arrive. No worries though, credit cards, debit cards, and transfers are all widely accepted in Dubai for your spending.

Dubai has a limit on how much cash you can bring in without declaring it: 100,000 Dirham. This helps them fight crime. If you're carrying more, just let customs know when you arrive. No worries thoug..
Read More

The U.S. has a different cash limit than Europe. If you're traveling from India, you can bring up to $3,000 in cash without declaring it. However, for larger sums, you'll need to use traveler's checks, forex cards, or bank transfers. This helps them fight financial crimes and track money movement. No worries though, credit cards, debit cards, and transfers are widely accepted throughout the US.

The U.S. has a different cash limit than Europe. If you're traveling from India, you can bring up to $3,000 in cash without declaring it. However, for larger sums, you'll need to use traveler's che..
Read More

Canada has a different rule than the US or Europe. When entering Canada, you need to declare any amount of cash (Canadian dollars or foreign currency) that adds up to $10,000 CAD or more to a border services officer. This helps them track large amounts of money and fight crime. No need to declare anything under $10,000 CAD. Remember, credit cards, debit cards and transfers are all widely used in Canada too!

Canada has a different rule than the US or Europe. When entering Canada, you need to declare any amount of cash (Canadian dollars or foreign currency) that adds up to $10,000 CAD or more to a border..
Read More

Singapore has a limit on the total amount of cash (and even traveler's checks) you can bring in, set at SGD $20,000. This helps them keep their financial system strong and fight crime. No need to worry about exceeding the limit though, credit cards, debit cards, and transfers are all widely accepted in Singapore for your spending needs.

Singapore has a limit on the total amount of cash (and even traveler's checks) you can bring in, set at SGD $20,000. This helps them keep their financial system strong and fight crime. No need to wo..
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If you're visiting France and bringing cash, you'll need to declare any amount over €10,000. This helps them track money movement and fight crime. For sums under €10,000, you're good to go without any declaration hassle. Remember, you can always use credit cards, debit cards, or transfers for most things while you're there.

If you're visiting France and bringing cash, you'll need to declare any amount over €10,000. This helps them track money movement and fight crime. For sums under €10,000, you're good to go without an..
Read More

Just like France, you can bring up to €10,000 to Spain without declaring it. This makes things easier for tourists and business travelers. They do however keep an eye on larger amounts to avoid any financial wrongdoing. No worries though, credit cards, debit cards, and transfers are widely accepted in Spain for your spending needs.

Just like France, you can bring up to €10,000 to Spain without declaring it. This makes things easier for tourists and business travelers. They do however keep an eye on larger amounts to avoid any f..
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Indian rupees are convenient to use in Bhutan, but there's a catch. To avoid problems and keep money exchange smooth, they don't allow bills of ₹500 or higher denominations. No worries though, you can exchange larger bills for smaller ones upon arrival or use credit cards, debit cards, and transfers in some tourist areas.

Indian rupees are convenient to use in Bhutan, but there's a catch. To avoid problems and keep money exchange smooth, they don't allow bills of ₹500 or higher denominations. No worries though, you c..
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Italy has a €10,000 limit on undeclared cash coming into the country. This helps them follow financial rules and catch suspicious activity. If you're carrying more than €10,000, just let customs know when you arrive. No need to sweat the small stuff - credit cards, debit cards, and transfers are all accepted in Italy for your spending adventures.

Italy has a €10,000 limit on undeclared cash coming into the country. This helps them follow financial rules and catch suspicious activity. If you're carrying more than €10,000, just let customs know..
Read More

Traveling to Australia with cash? You can bring in up to AUD $10,000 without declaring it. This helps them fight money laundering and other financial crimes. If you're carrying more than AUD $10,000, just declare it upon arrival. Remember, credit cards, debit cards, and transfers are all widely accepted in Australia for your spending needs.

Traveling to Australia with cash? You can bring in up to AUD $10,000 without declaring it. This helps them fight money laundering and other financial crimes. If you're carrying more than AUD $10,000,..
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