Morgan Stanley (MS:US), owner of the world’s biggest brokerage, appointed Patrick Delivanis to take over as investment banking head in the Middle East and North Africa, according to a person with knowledge of the matter.
Delivanis takes over with immediate effect from Klaus Froehlich and has worked for the New York-based bank in Dubai since 2007, according to the person, who asked not to be named as the information isn’t public. Froehlich becomes head of global capital markets for Germany and Austria, the person said.
Morgan Stanley was the Middle East and Africa’s top M&A adviser last year, working on deals valued at $11.8 billion, according to data compiled by Bloomberg. The bank last year advised Abu Dhabi’s Sorouh Real Estate Co. on its merger with Aldar Properties PJSC (ALDAR), the emirate’s largest developer. It also advised Riyadh-based utility ACWA Power International when Saudi Arabian sovereign wealth fund Sanabil and the nation’s pension agency acquired a 19 percent stake.
Froehlich, in an interview last week, said the bank was predicting the return of initial public offerings worth more than $1 billion in the Persian Gulf this year after asset values and stock markets rallied.
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