Christopher Preston

Now head of Citigroup Wealth Management Division, of which SSB is a part, Mr Preston argues that private clients in the Middle East deserve a better service than they have had in the past. And he thinks the arrival of professional international groups such as SSB is very much in the client's interest.

'There is a worldwide move towards the amalgamation of financial services groups as it has become more difficult to run small operations. Smaller firms find it hard to perform adequate due diligence, and do not have access to the same information to provide good advice.

'In the past it was much easier for small operators but that balance of strength has now changed, and clients will get a better service from larger groups like ours. We handle clients with a minimum of $500,000 to invest right up to the billionaires'.

But why pick Dubai as a location for such a new regional operation? And why start now when there is so much uncertainty in the region politically and for investment globally?

'Dubai is of growing importance and we have chosen to locate here on the advice of many people,' says Mr Preston. 'In fact we still have another office in Bahrain so we do have a foot in both places. But this is a vote of confidence in a region that is rapidly developing and innovating.

'On timing, well there is always a reason not to do things, and we see a lot of potential clients here. In a poor market there is a flight to quality, and as the world's No1 in equity research we believe we have something unique to offer this market.

In the Gulf region SSB executives point to $750 billion to $1 trillion in private hands of which Saudi Arabia accounts for 50-60% and the UAE around 25%.

'We will bring the globe to the doorsteps of the customer and offer a solid proposition and unique strengths,' adds Mr Preston. Could it be that not having a track record here at a time when many other wealth managers have disappointed their clients will help?

Mr Preston is too professional to answer such a question. But it is obvious that SSB will benefit from starting from a clean slate at what everyone hopes is the bottom of the market. And what does SSB consider the outlook for equities?

'We are positive and optimistic about equities,' says Mr Preston whose group recently shifted its weighting from bonds to favor equities. 'There are still concerns regarding valuations, the problems of some US companies, and employment numbers. But US growth continues to surprise and with a cautious approach this is a good time to add to equity positions'.

It is hard not to be impressed by Salomon Smith Barney's boldness, both in setting up shop in the Middle East at this difficult time and in its advice. Such initiative usually pays off in Dubai, and while this was Mr Preston's first visit to Dubai, it will certainly not be his last.