Abu Dhabi SWF hires ex-Citi transitions chief

Abu Dhabi’s sovereign wealth fund has been bringing more assets in-house

Steven Dalzell has joined the fund and moved from London to Abu Dhabi, according to person familiar with the situation. He joins as head of transition management in the central dealing unit, a role in which he oversees securities transactions across all asset classes managed in-house, including equity, fixed income, foreign exchange and derivative portfolios.

Dalzell will report to Salem Alblooshi, executive director of the department.

He left Citi in July after more than six years at the bank, and has a roughly 20-year history in finance, having also worked in transition management at BlackRock. He moved through the ranks after starting his career at Mercury Asset Management in 1996. The company eventually morphed into BlackRock.

He joins Adia as the fund manages 40% of its assets in-house, according to its 2015 report, published in July. The percentage of internally managed investments has steadily increased in recent years. In 2013, it managed just 25% of its assets internally.

The fund does not disclose its assets under management, but estimates put them in the region of $ 800 billion.

Dalzell’s arrival follows the appointment of Garry Beaton as global head of operations in August. Beaton was the latest in a string of internationally experienced recruits.

At Citi, Dalzell was replaced in the global role, overseeing teams in London, New York and Sydney, by his former colleague Artour Samsonov.

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