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Tue 31 Jul 2012 03:54 PM

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Bahrain SWF Mumtalakat names new CFO

Sovereign wealth fund, which has US$9bn in assets under management, appoints Tony Robinson

Bahrain SWF Mumtalakat names new CFO

Bahrain's sovereign wealth fund, Mumtalakat, has appointed Tony Robinson as its new chief financial officer, it said in a statement on Tuesday.

Robinson, who joined the fund in April 2011 as investment manager and coordinator, has previously worked at RAC Insurance in Australia and spent 14 years at Investcorp Bank in Bahrain, the statement said.

Mumtalakat, which has around US$9bn of assets under management, was set up in 2006 to help diversify Bahrain's economy away from hydrocarbons.

The fund has stakes in over 35 commercial entities, including Bahrain Telecommunications, Gulf Air, and Aluminium Bahrain (ALBA), one of the largest aluminium smelters in the world.

Mumtalakat said earlier in July its full-year consolidated net losses widened in 2011 to BHD270.6m (US$717.8m) due to higher provisions and reduced income from associate companies.

In March, it appointed Mahmood Hashem al-Kooheji as its new CEO, replacing Talal Al Zain who recently joined PineBridge Investments as its Middle East and North Africa head.

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