Abraaj Groups founder Arif Naqvi will cede control of the fund management business in what he said was a planned restructuring of the private equity firm accelerated by reports of misused funds.
The Middle Easts largest buyout company promoted Omar Lodhi and Selcuk Yorgancioglu as co-chief executive officers of Abraaj Investment Management Ltd., which will oversee funds globally for institutional investors, according to a statement Friday. The Dubai-based firm has also stopped making new commitments for its capital until the reorganization is complete, it said.
Naqvi, 57, will remain CEO of Abraaj Holdings and retain a non-executive role on the fund divisions investment committee, according to the statement. The Karachi, Paki…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-23/abraaj-s-naqvi-cedes-control-of-funds-division-in-restructuring