Lehman names head of sovereign wealth funds

LONDON (Reuters) - Lehman Brothers said on Monday that its head of consumer, retail and media for Europe, Middle East and Africa, Makram Azar, would take on the newly created role of global head of sovereign wealth funds.

Azar will be based in Dubai and report to Jeremy Isaacs, chief executive officer for Europe, Middle East and Asia-Pacific, Steve Lessing, global head of Senior Relationship Management and Jasjit Bhattal, chief executive officer for Asia-Pacific.

"Sovereign Wealth Funds have become an increasingly important force in today's international markets, and I am excited about the opportunity this appointment creates for us to further develop our relationships with these clients," Isaacs said.

Lehman, like its rivals, is using the downturn in financial activity in Europe and North America to boost its presence in emerging markets, where the economies are more buoyant and state-backed funds are looking to diversify their holdings.

Sovereign wealth funds' assets are set to grow from $2.8 trillion (1.4 trillion pounds) in 2007 to $12 trillion in 2015, according to a report earlier this year by Morgan Stanley.

Barclays and Morgan Stanley have both made new appointments expanding their advisory service for state-backed funds and Middle Eastern clients during the past month.