First Abu Dhabi Bank (FAB) has named Andrea Vigano as Chief Executive of its asset management business, in a move that signals the lender’s renewed focus on scaling up its investment capabilities, Citywire Middle East has learned.
Vigano joined the Abu Dhabi-based bank in June and reports directly to Lars Kramer, FAB’s group chief financial officer.
He replaces Musa Haddad, who had been serving as acting head of asset management following the departure of long-time executive Alain Marckus in 2023.
With more than three decades of experience in global finance, Vigano brings heavyweight credentials to FAB. Before relocating to the Gulf, he was managing director of Fusion Capital Holdings in Dublin and served as executive chairman of BlackRock Italy.
He previously spent nearly two decades at BlackRock in senior roles and held leadership positions at Société Générale.
Standalone unit in the making
According to people familiar with the matter, FAB plans to carve out its asset management operations into a standalone entity. The bank is also setting ambitious targets, aiming to boost assets under management (AUM) to $100bn within the next five years.
That push represents one of the boldest strategic shifts for FAB since the landmark 2017 merger between National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), which created the UAE’s largest lender. The merger integrated the asset management operations of both legacy banks, forming today’s FAB Asset Management.
The planned separation is expected to give the business greater independence and flexibility, while allowing FAB to sharpen its focus on growth areas such as private markets, fixed income and global equities, according to market sources.
The appointment of Vigano follows a period of strong financial performance for the bank. In 2024, FAB reported a 4% year-on-year increase in net profit, reaching $4.66bn, driven by robust revenue growth across business lines.
International operations, now spanning 20 key financial markets, delivered a 32% surge in revenue, underlining the bank’s growing global footprint.
