The head of Mena equities for Lazard Asset Management, Fadi al-Said, has departed to take up a new role at Saudi sovereign wealth fund, Public Investment Fund (PIF).
He will become a senior director and relocate to Riyadh after spending more than six years in Dubai during his time at Lazard’s.
Said’s role at Lazard’s will now be taken on by co-manager Walid Mourad who will become lead manager on the Lazard Mena Equities Fund.
Mourad and Said had previously worked together at ING on its specialist Mena team before both moving on to Lazard’s.
Lazard insisted that Said’s departure will not result in any change to the Mena team’s “investment process or philosophy”.
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