Israfil A. Mammadov was named executive director of the $42.5 billion State Oil Fund of the Republic of Azerbaijan, Baku.
Mr. Mammadov was appointed by Azerbaijan President Ilham Aliyev, according to a Nov. 29 notice on Mr. Aliyev's website. Mr. Mammadov replaces Shahmar Movsumov, who Mr. Aliyev said in the notice has been appointed as an assistant to the president.
Mr. Mammadov was previously deputy director of the State Oil Fund, the republic's sovereign wealth fund that was founded in 1999.
The sovereign wealth fund's asset allocation is 69.6% fixed income and money market funds, 13.4% equities, 11.4% gold and 5.6% in real estate.
Officials at the State Oil Fund could not be immediately reached to provide further information.
Paulina Pielichata contributed to this story.