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Lazard AM portfolio manager exits to join $382bn SWF

Fadi al-Said departs after six years covering the Middle East and North African region.

Lazard AM portfolio manager exits to join $382bn SWF

Fund manager Fadi al-Said has left Lazard Asset Management after six years with the US group, where he covered Middle East and North Africa (Mena) equities, Citywire Selector has learned.

Said joined Lazard AM from ING, now known as NN Investment Partners, in February 2014 when the asset manager on-boarded its rival’s specialist Mena team.

During his time with Lazard, Said had been rated AAA by Citywire consistently between March 2017 and September 2018, and held a rating between + and AAA until December 2019.

Upon his departure, Said’s co-manager Walid Mourad took over as lead manager on the Lazard Mena Equities fund. The duo worked together at both ING and Lazard.

In a statement to Citywire Selector, a spokesperson for Lazard AM said: ‘Following six years at Lazard Asset Management, Fadi al-Said has decided to leave the firm. We wish him every success in his new role. Fadi leaves behind a strong and experienced portfolio management team, having all worked together for over 12 years, with Walid Mourad becoming lead manager on the Mena strategy.

‘There is no change to the investment process or philosophy, and the team continues to access over 300 research analysts and investment professionals across our global investment platform. We are confident that the Mena strategy will continue to deliver excellence in performance, thought leadership & client service.’

According to Said’s LinkedIn profile, he stepped down from Lazard this month and assumed a senior director position with the Public Investment Fund (PIF). This is the sovereign wealth fund of Saudi Arabia, which is responsible for $382bn in assets under management.

The PIF was approached to confirm Said’s new role but had not responded at the time of publication.

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