Top Dubai banker Asghar leaves Lazard
London, August 22, 2013
US investment bank Lazard Ltd's most senior banker in Dubai, Ali Asghar, has left to set up his own emerging markets-focused boutique firm, three sources familiar with the matter said.
Asghar, who headed Lazard's Dubai office as a director, joined the bank in 2007 and focused on mergers and acquisitions advisory, restructuring and capital raising in the Gulf Arab region.
Global investment banks scaled back their Middle Eastern operations in 2012 due to a dearth of deals and pressure to cut costs from larger centres like London and New York.
Deal activity has revived in 2013 but most banks are reluctant to fill senior vacancies.
The sources, who spoke on condition of anonymity, said Asghar's new firm - "Emerging Circle" - would be based in the region.
Asghar's departure effectively means Lazard has no senior bankers in Dubai and will rely on staff in London and other major centres to execute and originate deals, the sources said.
In the Middle East, Lazard also has an office in Riyadh for investment banking functions. - Reuters
More Finance & Capital Market Stories
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook