Abu Dhabi Wealth Fund Hires Citigroup Banker as Transition Head

Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, hired former Citigroup Inc banker Steven Dalzell as head of transition management.

Based in Abu Dhabi, Dalzell will lead a team responsible for ensuring changes or movements in the sovereign fund’s asset allocation or investment management are handled efficiently, ADIA said today in a statement. It’s a newly created role, a spokesman for the fund said. Dalzell will work on planning and implementing multi-asset class portfolio transitions, including pre-trade analysis, project planning, implementation and reporting, according to the statement.

He was previously global head of transition management at Citigroup and will report to Salem Alblooshi, executive director of central dealing department.

ADIA is bringing more investment management in-house and putting less assets in index-tracking funds as it seeks higher returns. The fund’s 20-year annual rate of return slowed to 6.5 percent at the end of 2015, from 7.4 percent a year earlier, it said in its annual review published in July. ADIA, which doesn’t disclose how much money it manages for the government, has assets of about $792 billion, according to the Sovereign Wealth Fund Institute.

Last month, ADIA appointed Garry Beaton as global head of operations from Ashmore Group in London. Beaton will be responsible for strategy and overseeing activities in trade support, corporate actions, performance and development, securities lending and custody.

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