Abu Dhabi's Adnoc Hires Morgan Stanley Veteran Froehlich as CIO
Froehlich started in his new role at the end of June, replacing Michele Fiorentino
Dubai: Abu Dhabi National Oil Co., the state-owned energy giant has appointed former Morgan Stanley banker Klaus Froehlich as chief investment officer.
Froehlich started in his new role at the end of June, replacing Michele Fiorentino who left earlier this year, according to a person with knowledge of the matter who asked not to be identified because the matter is private.
Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East. He was head of investment banking in the Middle East and North Africa until 2014 and more recently joined Saudi Arabia's Binladin Group as chief financial officer.
A representative for Adnoc wasn't immediately available to comment.
Adnoc is leading Abu Dhabi's efforts to raise cash by selling stakes in its energy assets to investors such as Blackrock Inc. and KKR & Co. Adnoc last month sold a $10.1 billion stake in its natural-gas pipelines to a group of six investors including Global Infrastructure Partners, Brookfield Asset Management Inc. and Singapore's sovereign wealth fund. It also sold part of its oilfield services and distribution units.