Many bankers have been relocating to the UAE recently, and bank technologists are following suit: Bank of America's global head of technology for its central risk book is leaving in June for Abu Dhabi.
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Rahul Munke will join Abu Dhabi Investment Authority (ADIA) as part of the Q Group quantitative team. Sovereign wealth funds have tracked a number of senior bankers over the past year, including a Deutsche Bank quant and a Goldman Sachs MD.
Mr. Mandke has been with Bank of America for six years, including four as a director, but has only been in charge of CRB's technology division for the past year. He says he leaves the bank “in a good mood” having taken CRB to “the number one position (by book size)” within the company. Still, he says, “I'm very excited about this new challenge at ADIA.''
Prior to joining Bank of America, Munke spent seven and a half years at Citi, where he served as a vice president working in equity derivatives, hybrids and risk technology.
ADIA doesn't seem to be growing, but when they hire people, they tend to stick around. According to social media data, the number of employees has increased by only 3% over the past two years, but the company's average median tenure is a very impressive 9.3 years. This is likely due to the fact that Abu Dhabi is a safer, more family-friendly destination compared to the more glamorous Dubai.
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