Dubai - Mubasher: The Abraaj Group has announced a number of changes to its governance and operating model, alongside the appointment of a new leadership team.
AIML and Abraaj Holdings will be separated and independently managed, the company said in a statement issued on Friday.
The fund management business will continue to oversee the operations of all of Abraaj’s funds globally on behalf of leading institutional investors and manage a portfolio of investee businesses across Asia, Africa, Middle East, Turkey and Latin America.
Abraaj founder Arif Naqvi said he has passed the reins of the fund management entity to the co-chief executives in order to further grow the business, while he, Naqvi, will focus on managing Abraaj Holdings and retain a non-executive role as a member of the Global Investment Committee of AIML.
The executive leadership team at AIML will be led by Omar Lodhi and Selcuk Yorgancioglu as Co-Chief Executive Officers.
Omar Lodhi and Selcuk Yorgancioglu will assume their roles with immediate effect, where they will be responsible for the overall strategy of the fund management business but will each have different areas of responsibility.
AIML has commissioned a comprehensive review of its corporate structure with areas of focus to include governance and control functions.
AIML will have an independent board of directors in the future to which internal audit and compliance will directly report.
