The chief investment officer of Bank of America Merrill Lynch’s wealth management division in Europe, who developed considerable clout for the unit during his two year tenure, has quit in favour of a job in Dubai and the "extreme" temptation to buy a house there during the current real estate slump.

Gary Dugan is stepping down to become the chief investment officer of Dubai-based Emirates NBD Bank in July, with a remit to build its wealth business. He expects to build a team of investment advisers, with the help of internal resources and recruitment.