Sheikh Hamed Bin Zayed Al-Nahayan has succeeded his late brother as managing director of sovereign wealth fund Abu Dhabi Investment Authority (ADIA), which holds hundreds of billions of dollars of assets.

State news agency Wam said on Wednesday the announcement was made in a decree from the United Arab Emirates' President and ADIA chairman, Sheikh Khalifa bin Zayed Al-Nahayan, also ruler of Abu Dhabi.   

Royal family member Sheikh Hamed takes the position held by brother Sheikh Ahmed bin Zayed Al-Nahayan until his death in a glider plane crash in Morocco last month.

Sheikh Ahmed ran the fund, considered one of the world's largest, for more than a decade after joining as an analyst.

Abu Dhabi Investment Authority (ADIA) is believed to have assets of between $500 billion and $700 billion, ranging from Citigroup bonds to a stake in Britain's Gatwick Airport.

Sheikh Hamed is also the chairman of the Abu Dhabi Crown Prince Court and of the General Holding Corp, the parent company of Emirates Steel.

State-owned ADIA invests funds generated by the emirate's oil exports into overseas stocks and bonds. Analysts and industry experts had expected Sheikh Khalifa  to appoint a member of the ruling family to run the fund. - Reuters