People News & Moves

Azour Appointed To IMF

Ms. Christine Lagarde, managing director of the International Monetary Fund (IMF) on December 1 announced her intention to appoint Jihad Azour as director of the Middle East and Central Asia Department. He is expected to assume his new position on March 1, 2017, replacing Masood Ahmed who left the Fund in October of this year.

“Mr. Azour brings a very well-rounded perspective, having held senior leadership roles both in government, as Lebanon’s Minister of Finance, and in private sector firms,” Lagarde said. “Combining analytical insight and a proven ability to bring people together collaboratively and constructively, he will help the Fund contribute effectively and pragmatically to the key issues facing the region today.”

Azour was Lebanon’s Finance Minister from 2005-2008. During his tenure he coordinated the implementation of important reform initiatives both at the national level and within the Finance Ministry. He also spearheaded the Paris III International Conference for Lebanon, which was instrumental in raising international financial support for Lebanese reconstruction. Mr. Azour chaired the G8-MENA Ministerial Group from 2006–2008, bringing together finance ministers and central bank governors from the G8 and Middle East and North Africa region. He is a former managing partner at of Inventis Partners and is a dual national of France and Lebanon.

Carsten To BIS

The Board of Directors of the Bank for International Settlements (BIS) on December 1 announced the appointment of Agustín Carstens as general manager. His appointment takes effect on 1 October 2017 and is for a five-year term.

Carstens is currently the governor of the Bank of Mexico, a position he has held since 2010. He will assume the position of BIS General Manager from Jaime Caruana who will retire from the Bank next year. Mr Caruana will stay on as General Manager for an additional three months, to 30 September 2017. Jens Weidmann, chair of the BIS board of directors, weighed in on the appointment, saying: “The Board of Directors is delighted to have secured a person of Mr Carstens‘ remarkable calibre and international experience to be the next BIS General Manager.”

“He is held in high regard in the central banking and international financial communities and already has a strong relationship with the BIS. A member of the BIS Board since 2011, since 2013 he has successfully chaired the Global Economy Meeting of Governors, assessing developments, risks and opportunities in the world economy and the global financial system, as well as the Economic Consultative Council. The Board looks forward very much to working closely with Mr Carstens in his new role.”

Global ratings agency Moody’s Investor Service pointed to Mexico’s track record of solid economic policy and the impact, if any, on the country’s rating. “While Mr. Carstens has been an effective and credible central bank governor, Mexico has a track record of economic policy continuity that we believe will persist and underpins its institutional strength. Fiscal consolidation efforts by the authorities and risks related to contingent liabilities from PEMEX are more relevant to Mexico’s credit profile today,” Jaime Reusche, a senior analyst with the agency said in a statement.

Dash Financial Taps Forefront

Dash Financial, one of the industry’s most advanced trading technology providers, in October named Forefront Communications Group as its new agency of record (AOR). Launched in 2011, Dash Financial provides a flexible, next-generation platform designed to tackle the “structural deficits inherent in today’s ever-evolving market microstructure” and offers a team of experts to help navigate it.

Forefront is a new, dynamic marketing and corporate communications agency found in 2016 by industry veteran and communications expert Mark Dowd. Based in the New York metro area, Forefront offers niche and highly customized marketing and communications strategies for the trading and technology sectors.