Abu Dhabi's state holding firm ADQ hires more bankers as it steps up dealmaking | Reuters
Abu Dhabi's $110 billion state holding company ADQ has hired scores of investment bankers from Western banks in the past year as it accelerates dealmaking in the United Arab Emirates and overseas, three sources familiar with the matter said.
ADQ, the emirate's third-largest sovereign wealth fund, has hired bankers from mostly foreign banks and investment management firms in recent months, the sources said, boosting its cadre which already had over 20 former executives from Mubadala, another large state investment firm.
"ADQ is very active. They were 20 last year they are now 120," according to a senior investment banker who spoke on condition of anonymity due to commercial sensitivities.
Recent new hires include former Perella Weinberg Partners's banker Ayman Anwar, former HSBC banker Abhay Kumar, who also worked at ADNOC Distribution overseeing M&A, and ex-HSBC investment banker Hassan Abdelhamid, the sources said. The bankers' LinkedIn profiles also showed they had moved to ADQ.
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