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Share Name | Share Symbol | Market | Type |
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Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
By Nicolas Parasie and Asa Fitch
DUBAI--Qatar has replaced the head of its $300 billion sovereign-wealth fund with a member of the wealthy Gulf State's royal family.
Sheikh Abdullah bin Mohamed bin Saud Al-Thani will take the reins of the fund, which in recent years has acquired stakes in high profile assets that include the U.K.'s Sainsbury PLC and Swiss investment bank Credit Suisse, from Ahmed al Sayed, who was in the job for little over a year, according to Qatar's official news agency.
The management reshuffle may signal that Qatar's current ruler is unhappy with the way the powerful fund is run and could mark a shift toward a more cautious investment strategy, analysts said.
The country's current ruler, Sheikh Tamim bin Hamad Al-Thani, took over from his father last year. The transition in power resulted in a political fall from grace for Sheikh Hamad bin Jassim Al-Thani, the royal family member who had crafted the QIA's increasingly bold foray into international markets. Mr. Sayed took control of the QIA despite having been closely associated with Sheikh Hamad.
"At the end of the day, Ahmed al Sayed is not a member of the royal family," said Diego Lopez, director of Global Sovereign Wealth Funds at PwC. "It's my impression this [management change] was mostly a political decision," he said.
Mr. Sayed is likely to be appointed an adviser to Qatar's ruler and will retain his title as minister of state, said an adviser close to the fund, who said there would be no change in strategy at the fund. "It's business as usual," the person said.
Sheikh Abdullah is currently chairman of Qatari telecommunications firm Ooreedo.
"With the new appointment the fund could be seen as less aggressive and outward, more cautious on any of the investments that are being considered within the organization," said Mr. Lopez.
The QIA in recent years acquired assets across the globe in often high-profile takeover battles. More recently, it pledged to invest at least $15 billion in Asia.
While the full implications of the change remain to be seen, the move "certainly indicates that the Qatari political leadership was not happy about how the QIA was run," said Sven Behrendt, the managing director of Geoeconomica, a political risk consultancy that specializes in sovereign funds and financial markets.
Geoeconomica ranked the QIA as one of the least transparent sovereign funds in the world in an October report on compliance with the so-called Santiago Principles, a set of voluntary guidelines funds agreed to in 2008 to fend off worry about the intentions behind their large foreign investments. The QIA was ranked as non-compliant with the principles, the only fund to be given that designation.
Write to Nicolas Parasie at nicolas.parasie@wsj.com and Asa Fitch at asa.fitch@wsj.com
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