Lehman makes global SWF push

Lehman Brothers has appointed Makram Azar to a new role as global head of sovereign wealth funds.

Azar will be based in Dubai, but will head a new umbrella team that will sit above the firm's four regional teams covering the market. Lehman has two offices in Dubai and Qatar, with two further organisations being developed in Kuwait City and Riyadh.

"We are product agnostic, and do not see this business from a pure sponsor coverage angle," said Azar. "Sovereign weath funds have different operational requirements and we would look to tailor our coverage model on a made-to-measure basis."

The global team will be based in Dubai, but is looking to cover the global and growing market in state-sponsored investment entities. The team will initially be recruited internally.

Lehman estimates that sovereign wealth funds have between between $3 trillion and $3.5 trillion in capital to deploy in the markets, and even with conservative estimates sees that rising to $12 trillion over the next five years.

"That scope for growth means that there is a possible $5 billion to $20 billion in fees to be made across products in this space," said Azar.

See also:Lehman feels the strain
Sovereign wealth funds spark lively debate