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(Bloomberg) -- Credit Suisse Group AG’s joint venture with Qatar Investment Authority has appointed its third chief executive officer in five years as the money manager struggles to grow its assets.

Aventicum Capital Management Qatar LLC named Francois Jansen van Rensburg as CEO in January, replacing Habib Oueijan who resigned that month, the firm said in response to questions from Bloomberg. Van Rensburg was already the company’s chief operating officer and will stay on in that role.

Switzerland’s second-largest lender and QIA, the sovereign-wealth fund of the world’s richest country in per capita income, formed Aventicum in 2012 to expand their investments in developing economies. The firm invests in emerging and frontier markets in the Middle East, North Africa and Turkey.

Asset managers in the Middle East have been hurt by institutional clients choosing to direct their own investments or put money with foreign firms. Doha-based Aventicum manages about $350 million -- only slightly higher than the $300 million target it planned to run in 2013.

To contact the reporters on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net, Mohammed Aly Sergie in Doha at msergie@bloomberg.net.

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Paul Armstrong, Cindy Roberts

©2017 Bloomberg L.P.

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