Lazard’s Top Middle East Money Manager to Depart
Lazard Ltd., one of the world’s largest independent financial advisory and asset management firms, is set to lose its top Middle East money manager. After nine years of service, the firm’s head of Middle East and North Africa (MENA) asset management, Ali Al-Naimi, is leaving the company.
Background of Ali Al-Naimi
Al-Naimi is a Saudi Arabian national who has been with Lazard since 2014. He has a long history of working in the financial services industry, having previously held positions at Credit Suisse, Morgan Stanley, and Bank of America Merrill Lynch. He has also served as a board member of the Saudi Arabian Monetary Authority and the Saudi Arabian General Investment Authority.
Lazard’s MENA Asset Management
Lazard’s MENA asset management business has grown significantly under Al-Naimi’s leadership. The firm now manages more than $10 billion in assets in the region, making it one of the largest asset managers in the Middle East.
The firm has also been successful in raising capital for its clients, having raised more than $2 billion in the past two years. This has enabled the firm to expand its presence in the region and to invest in a variety of sectors, including real estate, infrastructure, and technology.
Lazard’s Commitment to the Middle East
Lazard has long been committed to the Middle East, having opened its first office in the region in 2009. The firm has since grown to become one of the largest financial services firms in the region, with offices in Dubai, Abu Dhabi, Riyadh, and Doha.
The firm has also been active in the region’s capital markets, having advised on a number of high-profile transactions, including the $1.5 billion IPO of Saudi Arabian Oil Co. (Aramco) in 2019.
Replacement for Ali Al-Naimi
Lazard has yet to announce a replacement for Al-Naimi, but the firm is expected to name a successor in the coming weeks. The firm is likely to look for someone with a strong background in the Middle East and a deep understanding of the region’s financial markets.
Impact of Al-Naimi’s Departure
Al-Naimi’s departure is likely to have a significant impact on Lazard’s MENA asset management business. The firm has been successful in raising capital for its clients and has established itself as one of the leading asset managers in the region.
However, Al-Naimi’s departure could lead to a period of uncertainty for the firm as it searches for a replacement. It is also likely to lead to a period of transition as the new head of MENA asset management gets up to speed with the firm’s operations in the region.
Conclusion
Lazard is set to lose its top Middle East money manager, Ali Al-Naimi, after nine years of service. Al-Naimi has been instrumental in the growth of the firm’s MENA asset management business, which now manages more than $10 billion in assets in the region. The firm is yet to announce a replacement for Al-Naimi, but it is likely to look for someone with a strong background in the Middle East and a deep understanding of the region’s financial markets. Al-Naimi’s departure is likely to have a significant impact on Lazard’s MENA asset management business, leading to a period of uncertainty and transition as the firm searches for a replacement.