ADIA hires transitions chief to build internal expertise

MasterThe Abu Dhabi Investment Authority (ADIA) has bolstered its internal investment team by recruiting Steven Dalzell as head of transition management.

A qualified accountant, Dalzell joins from Citigroup Global Markets, where he was global head of transition management.

Reporting to Salem Alblooshi, executive director of the central dealing department, Dalzell will plan and implement multi-asset portfolio transitions. His appointment, “will further enhance the internal service currently provided to our investment team”, said Alblooshi.

Dazell’s appointment follows the hiring of Garry Beaton in the newly created role of global head of operations.

The main sovereign wealth fund of the emirate of Abu Dhabi, ADIA is thought to be among the richest funds of its kind in the world. In recent years, the fund has steadily increased the proportion of its assets it manages in-house, including withdrawing 5% of its wealth from external managers last year.

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