Another Morgan Stanley Banker Lands Top Investment Role at Adnoc

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAnother Morgan Stanley Banker Lands Top Investment Role at AdnocAbu Dhabi’s state energy company has increasingly looked to Wall Street’s biggest banks for the expertise needed to execute an ambitious, multibillion-dollar global dealmaking push. One firm has emerged as a particularly notable source of talent.Author of the article:Dinesh Nair and Anthony Di Paola You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Abu Dhabi’s state energy company has increasingly looked to Wall Street’s biggest banks for the expertise needed to execute an ambitious, multibillion-dollar global dealmaking push. One firm has emerged as a particularly notable source of talent.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAbu Dhabi National Oil Co. has hired Morgan Stanley’s global co-head of energy investment banking, Michael O’Dwyer, as its chief investment officer, people familiar with the matter said. He succeeds Klaus Froehlich, who also came from the US bank and was central to the oil giant’s efforts to expand its scope and footprint, and build a global investment platform.That means Adnoc, an influential force in the world of energy dealmaking, has now appointed two consecutive bankers to the CIO role from Morgan Stanley.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe hires are part of a wider effort by Adnoc to bring in Wall Street expertise with recruits from the likes of Goldman Sachs Group Inc., including Nameer Siddiqui, who came in as the CIO of Adnoc’s international investment platform this year. Siddiqui, hired from Phillips 66, has also previously worked at Morgan Stanley.A representative for Adnoc couldn’t be reached for comment on O’Dwyer’s appointment, which was first reported by Reuters. Morgan Stanley declined to comment.The energy giant’s relationship with Morgan Stanley goes beyond hiring. For years, the bank has worked on listings for Adnoc’s portfolio companies, including its distribution unit in 2017. The bank had roles on Borouge Plc’s initial public offering, which raised more than $2 billion in the city’s largest-ever new share sale at the time, as well as Fertiglobe Plc’s IPO a year earlier. And it was among bookrunners on Adnoc Murban’s $1.5 billion debut sukuk last year, which attracted orders worth more than $3.85 billion.It has also played a significant role in some of the firm’s most ambitious deals, including on the $13 billion acquisition of chemical producer Covestro AG that’s one of the biggest Middle Eastern acquisitions of a European company. Froehlich subsequently left to take on a new role as chief financial officer at Covestro. That deal was the clearest sign of ambition from Adnoc, which has picked up natural gas assets from the US to Africa and Central Asia in recent years, backed by billions of dollars of Abu Dhabi’s oil money. Despite the war, the firm has showed an inclination to spend. Its retail unit agreed to buy Shell Plc’s fuel stations in South Africa last month at a $1 billion enterprise value. And this week, Adnoc spent $1.3 billion to expand its tanker fleet to benefit from surging crude exports after the UAE pushed more of its oil through the contested Strait of Hormuz.The firm’s aspirations have enticed Wall Street, with bankers flying in from around the world for a slice of the fees. Global firms including JPMorgan Chase & Co., Citigroup Inc., and Goldman have worked with Adnoc across different transactions.O’Dwyer, who was Morgan Stanley’s global co-head of energy, joined the Wall Street firm in 2008 from Lehman Brothers and has advised on some of the energy industry’s biggest transactions. His predecessor, Froehlich, joined Adnoc in 2020 after 16 years at Morgan Stanley, including as head of investment banking for the Middle East and North Africa. He went on to lead Adnoc’s strategic investments and became a central figure in the company’s transformation into a global dealmaker.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.