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UBS Group AG hired a former Morgan Stanley banker to run its ultrahigh net worth business in Saudi Arabia as the bank consolidates its wealth management operations, according to a person familiar with the matter.UBS is among foreign banks with the biggest wealth-management arms in Saudi Arabia, people familiar with the matter said in November.Citigroup Inc., JPMorgan and Credit Suisse Group AG also manage billions of dollars for some of the kingdom's richest individuals, the people said.Many banks are growing their wealth management business in the region. Credit Suisse plans to hire more relationship managers in Saudi Arabia, while Barclays PLC hired UBS banker Steve Klemme to head its private banking operations in the Middle East.
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