Dubai-based private equity firm Abraaj Group has appointed two new chief executives for its fund management business Abraaj Investment Management (AIM) as part of a management reshuffle. As a result of the changes, the group chief executive and founder Arif Naqvi will take on a reduced role in the fund manager.
Co-CEOs Omar Lodhi and Selcuk Yorgancioglu will be responsible for the overall strategy of the fund management business, said the group.
The reshuffle is designed to “optimise performance through enhancing governance and accountability” said Naqvi, who will retain a position on AIM’s global investment committee and remain chief executive of Abraaj Holdings.
“This transition allows me to dedicate more time to developing new platforms that can strengthen the compact between business and society,” he said in a statement.
According to a Reuters report, the reshuffle follows a dispute between Abraaj and four of its investors in a healthcare fund.
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