Lazard Asset Management to Open Dubai Operation

NEW YORK & LONDON--(BUSINESS WIRE)--

Lazard Asset Management LLC (LAM) today announced that it is expanding in the Middle East with a Dubai office. The firm has hired senior professionals, who will provide investment solutions to clients in the Middle East.

Farah Foustok will serve as a Managing Director, LAM, and Senior Executive Officer of LAM's new Dubai office. Fadi Al Said, Director and Portfolio Manager/Analyst, LAM, will lead a five-person 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.

"We have significant client relationships in the Middle East that have been established over many years, and this reflects our deepening commitment to the region," said Ashish Bhutani, Chief Executive Officer of LAM. "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.”

Farah Foustok, Senior Executive Officer of LAM's new Dubai office, will be responsible for leading the growth and development of LAM's business in the Middle East region, which includes local investment management, as well as sales and distribution of LAM's investment strategies. Ms. Foustok joins LAM from ING Investment Management Middle East, where she served as Chief Executive Officer and Chief Investment Officer. She has nearly 20 years of investment industry experience and established strong local relationships in the MENA region. Previously, she was the Head of Asset Management at NBD Investment Bank and a senior fund manager at EFG-Hermes, responsible for managing GCC and MENA funds and portfolios.

Fadi Al Said, Portfolio Manager/Analyst, will lead a MENA Equity investment team. Other team members will include Portfolio Manager Walid Mourad and Research Analysts Talal Noueihed, Jagdish Bathija and Sleiman Aboul Hosn. Mr. Al Said served as Head of Investments and Portfolio Manager for ING Investment Management Middle East. He has over fourteen years of investment experience in the MENA region. Previously, he was a senior fund manager at NBD Investment Bank where he managed its two flagship funds, MENA equities and GCC balanced funds. Prior to that, he served as Senior Vice President at Noor Capital, responsible for heading up the Asset Management division, Senior Portfolio Manager at Damac Invest, and Head of Research at Al Jazira Bank in Saudi Arabia.

LAM has an office based in Bahrain, which opened in 2008, and has been managing assets, including Shariah-compliant mandates, for clients in the Middle East since 1992.

An indirect subsidiary of Lazard Ltd LAZ, LAM offers a range of equity, fixed-income, and alternative investment products worldwide. As of September 30, 2013, LAM and affiliated asset management companies in the Lazard Group managed $176 billion worth of assets for clients around the world. For more information about LAM, please visit www.Lazardnet.com.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 40 cities across 26 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.