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Sept. 22 (Bloomberg) -- Credit Suisse Group AG’s investment strategy head for the Middle East, Kamran Butt, has joined Saudi Arabian investment firm Sedco Capital, two people familiar with the matter said.

Butt joined the Jeddah-based Islamic investment firm as its head of client advisory and international sales, the people said, asking not to be identified as the information is private. Butt joined Credit Suisse in 2007 and was most recently based in Geneva, after the bank relocated him from Dubai in 2012.

Investment banks and asset management firms in Saudi Arabia, which is opening up its $597 billion stock market to international investors, are hiring senior executives to expand operations. NCB Capital Co, the investment-banking arm of Saudi Arabia’s biggest bank, appointed Sarah Al-Suhaimi, previously head of asset management at Jadwa Investment, as its chief executive officer in March.

The Saudi Tadawul benchmark index has gained 27 percent this year and is the sixth best performing stock index in the world, according to data compiled by Bloomberg.

Sedco, set up in 2010, is one of only a few companies that offer sharia-compliant investments globally. The firm started 13 funds regulated in Luxembourg last year with $1.65 billion in assets under management, according to information on its website. In total, Sedco has about $3 billion in client assets.

A representative for Credit Suisse declined to comment. Sedco Capital did not respond to telephone calls requesting comment.

To contact the reporter on this story: Dinesh Nair in London at dnair5@bloomberg.net To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net Elizabeth Fournier, Dale Crofts

Bloomberg