Lazard Asset Management (LAM) is boosting its Middle East operations by opening a Dubai office and hiring the regional asset management team of ING Investment Management Middle East, which resigned in early February.

The new hires will provide investment solutions to local and global clients and focus on equity strategies in the Middle East and North Africa and frontier markets.

Farah Foustok joins as managing director and senior executive officer of the new Dubai office, Fadi Al Said becomes director and portfolio manager/analyst and will lead a five-person investment team. Other team members will include portfolio manager Walid Mourad and research analysts Talal Noueihed, Jagdish Bathija and Sleiman Aboul Hosn. Al Said was previously head of investments and portfolio manager for ING Investment Management Middle East.

"We have significant client relationships in the Middle East that have been established over many years, and this reflects our deepening commitment to the region," said Ashish Bhutani, chief executive officer of LAM. "The addition of these highly regarded, locally-based investment professionals, under the leadership of Farah Foustok and Fadi Al Said, will strengthen our presence in the region, expand our distribution and investment capabilities, and complement our emerging markets platform.”

Foustok will be responsible for leading the growth and development of LAM’s business in the Middle East region, which includes local investment management, as well as sales and distribution of LAM’s investment strategies. Foustok served as chief executive officer and chief investment officer at ING Investment Management Middle East.