Goldman, Morgan lose top Qatar bankers to local firms
Doha, October 8, 2012
Morgan Stanley and Goldman Sachs Group have lost their two top Qatar executives to local firms, three sources said on Monday, as the gas-rich Gulf state lures back high-profile citizens with better pay and prospects.
The recruitments come as the tiny Gulf state, home to sovereign wealth fund Qatar Investment Authority, spends billions on overseas acquisitions and invests in Arab states to boost its political clout.
Morgan Stanley's Qatar head Khalid al-Subeai resigned last week to join the investment banking division of unlisted Barwa Bank, while Goldman's Qatar chief executive Tamim al-Kawari has joined investment bank QInvest, part-owned by Qatar Islamic Bank , as deputy CEO, according to several sources aware of the matter.
Morgan Stanley and Barwa Bank declined to comment. A Goldman Sachs spokeswoman confirmed Kawari's departure, which took place this summer but was not publicly announced. The sources spoke on condition of anonymity as the matters had not been made public.
"You can see that the top brass (of Qatar) is grooming the young talent to take up bigger roles and the hirings could be part of that move," one of the sources said of Qatar, which has less than 300,000 citizens.
"These are the kind of people who will run the sovereign fund in future. It's a very smart move and very much expected of Qatar."
Qatar's lenders, led by state-controlled Qatar National Bank , are on an expansion spree and are scouting for assets put on the block by big European banks who are scaling back in the region.
The Gulf state itself is investing about $30 billion a year globally through its sovereign wealth fund, which has picked up stakes in high-profile assets such as miner Xstrata, Volkswagen and Porsche.
Subeai will join The First Investor, a unit of Barwa Bank, as deputy chief executive, effective Jan. 1, one of the sources said. He had joined Morgan Stanley in 2010 from state-owned Qatar Petroleum.
Barwa, a Qatari lender part-owned by Qatar Holding, has been ramping up its presence since its inception about three years ago. The lender is planning an initial public offering, its chief executive said earlier this month.
QInvest is in talks to acquire the investment banking arm of Egypt's EFG Hermes.-Reuters
More Finance & Capital Market Stories
- 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
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs