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The Middle East's private banking industry will adopt the open architecture independent asset management (IAM) model in the near future, said Gilles Rollet, chief executive officer of Mirabaud (Middle East) Limited, at the Private Banking Mena 2007 conference in Dubai.

Contrasting traditional banking relationships with the IAM model, Rollet pointed out that independent asset managers work closely with clients, providing opportunities to invest with multi-custodian banks thereby offering the best possible returns and the most flexibility.

Clients are also not limited to the products of the IAM, and are free to choose any product they choose in addition to the ones proposed by the IAM. Mirabaud (Middle East) Limited, a wholly owned subsidiary of the Swiss banking group Mirabaud & Cie, is introducing the IAM model into the Middle East.