Merrill Lynch has appointed a vice-chairman of Bear Stearns to oversee the expansion of its Middle East and North Africa business, with a particular focus on honing its relationships with sovereign wealth funds in the region and throughout the world.

Fares Noujaim, a 21-year Bear Stearns veteran and one of its top rainmakers, joins Merrill Lynch as head of MENA reporting directly to Gregory Fleming, Merrill's president and chief operating officer. Fares will split his time between Merrill's New York and Dubai offices.