Lazard Asset Management is planning to open a new Dubai office to expand its presence in the Middle East.
The Dubai office will be headed by Farah Foustok, who will serve as a managing director and senior executive officer of the unit.
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In his new role, Foustok will be responsible for the growth and development of LAM’s business in the Middle East region including local investment management, as well as sales and distribution of LAM’s investment strategies.
Additionally, the firm has appointed a team of professionals to provide greater investment solutions to clients in the Middle East.
Furthermore, Fadi Al Said, director and portfolio manager/analyst, LAM, will oversee a five-person MENA Equity investment team that will manage MENA and Frontier Markets equity strategies for local and global clients, leveraging LAM’s extensive emerging markets expertise and global research resources.
The other members included in the team are portfolio manager Walid Mourad and research analysts Talal Noueihed, Jagdish Bathija and Sleiman Aboul Hosn.
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By GlobalDataFoustok, with 20 years of experience in investment industry, has joined LAM from ING Investment Management Middle East, where she served as chief executive officer and chief investment officer. Prior to this, she was the head of asset management at NBD Investment Bank and a senior fund manager at EFG-Hermes.
Prior to joining LAM, Al Said, with 14 years of investment experience, has served as head of investments and portfolio manager for ING Investment Management Middle East.
Earlier to this, Al Said served a senior fund manager at NBD Investment Bank and served as senior vice president at Noor Capital, senior portfolio manager at Damac Invest, and head of research at Al Jazira Bank in Saudi Arabia.
Ashish Bhutani, CEO of LAM said: "The addition of these highly regarded, locally-based investment professionals, under the leadership of Farah Foustok and Fadi Al Said, will strengthen our presence in the region, expand our distribution and investment capabilities, and complement our emerging markets platform."
LAM, which already has an office based in Bahrain, manages US$176 billion worth of assets for clients globally as of 30 September 2013.
