National Bank of Dubai (NBD) has tied up with Swiss private banker Pictet & Cie to launch private banking services for its clients, including a range of asset management services.

The new service, 'Private Office', combines the presence of one of the Middle East's strongest regional banks with the 200-year old Pictet, which has assets of over $115 billion under management and with investments spread over more than 80 countries.

Pictet & Cie also offers Sharia compliant investment and best-of-class fund selection.

Philippe Bertherat, partner, Pictet & Cie, said: "Through our alliance, 'The Private Office' can offer leading edge asset management skills and global custody services for private clients in the UAE.

"Importantly, NBD remains true to the values of always placing the individual client at the heart of the relationship."

Douglas Dowie, NBD general manager, said the service will offer four key services through the bank's dedicated client teams in London and Dubai. These are investment management, trust, UK real estate and other wealth management services.

The service will also provide advisory investment services with a range of customised products being structured to meet the client's risk profile. Trust services will be offered through a separate wholly-owned vehicle which is to be incorporated in an offshore foundation.

"The purpose of these services will be to meet the client's asset administration, estate and inheritance planning needs and those of their family, through individual trust and company structures."

Through its office in Sloane Street, London, the service will offer a range of UK real estate services, which will facilitate the acquisition and financing of commercial and residential property.

NBD will also explore the possibility of leveraging some of the bank's services and extending them to their important private client base.
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