Reza Baqir joins as a Managing Director to evolve the firm’s private sector operational expertise for the public sector
London, 13 January 2023– Leading global professional services firm Alvarez & Marsal (A&M) has launched Sovereign Advisory Services (SAS), its new global sovereign advisory capability and appointed former Governor of the State Bank of Pakistan, Reza Baqir, to lead it. SAS reflects A&M’s commitment to help emerging market sovereigns confront current economic and global challenges with swift and decisive action.
Under Mr. Baqir’s leadership, the SAS practice will work closely with governments, central banks, international organisations, and the private sector. SAS’s mission is to help emerging markets improve debt sustainability, increase access to capital, promote sustainable economic growth, and improve the efficiency of both state-owned assets and how governments deliver services to their citizens. In the near term, SAS will uncover solutions for sovereigns facing financial difficulties, particularly in the context of the challenging outlook for high debt developing countries currently driven by high global interest rates, a strong US dollar, high energy and food prices, and a slowdown in global demand.
Mr Baqir served as Governor of Pakistan’s central bank from May 2019 to May 2022. For nearly 20 years prior, he held numerous senior positions at the International Monetary Fund (IMF) and spent two years at the World Bank.
As Governor of the State Bank of Pakistan, Mr Baqir successfully negotiated a new IMF program in June 2019 that stabilised the economy in the face of significant macroeconomic challenges. He also led the country’s financial crisis management and Covid-19 pandemic response. During his IMF tenure, Mr. Baqir led the Debt Policy Division for four years and was responsible for the IMF’s policies for assessing debt sustainability, sovereign debt restructuring and related sovereign debt policy issues. Mr. Baqir established the IMF’s office in Egypt in 2017 and oversaw the successful implementation of the Fund’s largest Middle East loan.
Bryan P. Marsal, Co-CEO of A&M, said, “The launch of our Sovereign Advisory Services practice is an important strategic initiative for our firm. SAS will leverage our historical strengths in both corporate restructuring and systemic financial institution advisory with our rapidly growing capabilities in Emerging Markets. A&M will deliver its unique approach to problem solving in assisting governments, central banks, State-Owned Enterprises and Sovereign Wealth Funds in addressing their most critical challenges. We are delighted to have a professional with the global reputation and expertise of Reza Baqir to lead this important new business.”
Peter A. Briggs, Managing Director and Division Executive of A&M’s Sovereign Advisory Services practice, said, “The seeds of A&M’s SAS practice have been steadily planted over the years through our work with banking authorities around the world in the wake of the Global Financial Crisis. Formalising a global sovereign debt advisory capability and appointing Reza were natural next steps in alignment with our world-class restructuring capabilities.”
“The World Bank has indicated that approximately 60% of low-income countries are today in some measure of financial distress. Reza’s in-depth experience at the nexus of sovereigns, central banks, banking systems and the private sector, coupled with A&M’s global restructuring heritage, provides a powerful offering to help clients drive change amidst world-wide economic challenges.”
A&M’s proven track record managing complex situations, includes providing support to banking authorities in countries such as Spain, Greece, and Cyprus, as well as directing the wind down of Lehman Brothers following its 2008 collapse. SAS leverages A&M’s existing sovereign and corporate restructuring credentials by building upon its core capabilities in restructuring, turnaround and corporate performance improvement.
Reza Baqir, Managing Director and Global Practice Leader of Sovereign Advisory Services practice, said, “The global economic slowdown, high interest rates and inflation are creating pressures on governments and central banks around the world. A holistic and relationship-driven sovereign approach, rooted in decisive and swift action, is critical to help countries successfully navigate these challenges. With teams of experienced professionals and a results-oriented mindset, A&M is well-placed to support sovereigns with constricting credit conditions that are generating waves of financial stress.”
ENDS
About Alvarez & Marsal
Companies, investors, and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action, and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.
With over 7,000 people across five continents, we deliver tangible results for corporates, boards, creditors, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators, and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.
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