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Falcon Bank’s managed assets in UAE to reach $1bn

Eduardo Leeman, the chief executive of Falcon Private Bank has said the investment bank is expected to achieve its target of $1bn assets under management (AUM) in the UAE by the end of 2011, helped by Gulf investors shifting away from traditional investment hubs, Reuters has reported. "People in this region don't go by default to Switzerland anymore," said Leeman. "People want to diversify geographically their assets so the default is now Singapore and Dubai."