UBS's regional head in the Middle East had to make way for a Credit Suisse executive over the summer. Now he finds his way to the private bank Lombard Odier, finews.com has learned.

Lombard Odier is a significant beneficiary of Credit Suisse's takeover by UBS. According to an internal memo obtained by finews.com, the Geneva-based house appointed Ali Janoudi as head of the «New Markets» effective April 1, next year.

Another Coup

In this role, he becomes a member of the bank's Private Clients Executive Committee, reporting to managing partner Frédéric Rochat. He replaces Arnaud Leclercq, who helped build the Group's Middle East business over 17 years. Leclercq will remain with the institute and will look after strategic clients.

Janoudi's engagement is another win for the Geneva-based firm and a bitter loss for UBS. Janoudi forged relationships with petro millionaires in the Middle East for Switzerland's largest bank and was recently responsible for the region for the Group and Africa.

UBS Reviewing its Middle East Books

In July came the bang. He was replaced at the combined UBS by the successful, if controversial, Middle East head of Credit Suisse, Bruno Daher. Janoudi has left his longtime employer.

This month, UBS reviewed its regional private banking, with Daher settling for the chairman role. At the same time, Niels Zilkens was appointed operational head of the Middle East wealth management business.

Benefitting from a Demise

This deals a blow to the leadership of UBS' Global Wealth Management (GWM), where division head Iqbal Khan and former Credit Suisse executive Benjamin Cavalli are trying to implement the promise of the new «wealth management powerhouse.»

Lombard Odier is once again benefiting from the demise and integration of Credit Suisse. Among others, the Geneva-based company was able to recruit Serge Fehr, the former head of private banking at Credit Suisse Switzerland, former Credit Suisse head of investments Michael Strobaek, and most recently, Sabine Heller, the designated regional director of UBS at the Zurich location.