Deutsche Bank has appointed Fahad Albader and Adel Dagher as co-heads of its asset and wealth management coverage for the Middle East and North Africa (MENA), eyeing business from sovereign wealth funds and family firms in the region.
Middle Eastern sovereign wealth funds, including the likes of Abu Dhabi Investment Authority (ADIA) and Kuwait Investment Authority (KIA), hold about $2 trillion in assets, luring large global banks and asset management firms to the region who are seeking a share of the business.
"With their expertise and deep knowledge, Fahad and Adel will help sovereign wealth funds and key institutional clients access Deutsche Bank's global solutions in the institutional asset management area," Ashok Aram, the German lender's MENA Chief Executive, said in a statement on Wednesday.
Dagher is joining Deutsche Bank after 12 years with hedge fund firm Man Group where he focused on alternative investments, the bank said, while Albader was previously at Deutsche's corporate banking and securities division, heading coverage of Kuwait.
Both executives will be based in Dubai and report to Peter Roemer, head of Deustche's global client group for Europe, Middle East and Africa.
Deutsche Bank's asset and wealth management division had assets under management of 946 billion euros ($1.30 trillion) as at June 30, 2013.