DHAKA: Qatar’s sovereign wealth fund, one of the world’s most aggressive investors, is hiring senior bankers and industry executives to lessen the fund`s reliance on Europe and diversify its investment portfolio.

Sources familiar with the plan said, reports The Straits Times.

Under newly appointed chief executive Ahmed Al-Sayed, the US$100 billion-plus sovereign fund is scouting for opportunities in Asia and the United States.

The hiring reflects a long-term objective of geographically balancing a portfolio, which is now nearly 80 percent exposed to Europe, the sources said.

Al-Sayed, known as a savvy negotiator and aggressive dealmaker, took the helm at Qatar Investment Authority (QIA) in July, when the newly crowned emir, Sheikh Tamim bin Hamad al-Thani, shook up the investment vehicle as part of his restructuring of the Qatari state on his father’s abdication.

Al-Sayed is one of the very few senior executives who are not part of the ruling family in Qatar to take helm at a major state-owned entity in the Gulf state.

Previously, QIA was run by the emir’s cousin, former prime minister Sheikh Hamad bin Jassim al-Thani, who built up big stakes in European business and real estate.

BDST: 2000 HRS, SEPT 02, 2013
RoR/GCP