Meanwhile, ING IM said it has put a halt to its existing MENA fund management activities and is planning to turn its Dubai International Financial Centre office into a sales office only.
A spokesperson said the decision to close the MENA activities “is in line with the overall strategy of ING IM to only continue full-fledged local or local asset management operations business in countries where ING also has a strong insurance presence”.
LAM said Foustok, along with her colleague Fadi Al Said, who also joins from the ING IM office, will join later this year.
Foustok will serve as a managing director and senior executive officer of the new office, while Al Said, as director and portfolio manager/analyst, will lead a five-person investment team that will manage MENA and frontier markets equity strategies for local and global clients.
Lazard Ltd, the US parent company of LAM, has an investment banking office in Dubai, although in August last year its top banker Ali Ashgar left to set up his own emerging markets focused boutique called Emerging Circle.
LAM also said it has taken the decision to close an existing office in Bahrain which it opened in 2008. The office had been managing assets, including Shariah-compliant mandates for clients in the Middle East since 1992.
"We have significant client relationships in the Middle East that have been established over many years, and this reflects our deepening commitment to the region," said Ashish Bhutani, LAM chief executive.
"The addition of these highly regarded, locally-based investment professionals, under the leadership of Farah Foustok and Fadi Al Said, will strengthen our presence in the region, expand our distribution and investment capabilities, and complement our emerging markets platform.”
In May 2012, International Adviser reported that Foustok had been appointed as chairman of the newly created UAE Financial Services Association. It is not clear whether she continues in this tenure.
LAM is the second American asset manager to announce plans for the Middle East in recent weeks, with First State Investments last week saying it plans to open an office in Dubai by the end of June.
