Buyout firm Abraaj to restructure itself amid talk of misused funds

Dubai

ABRAAJ Group's 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 East's 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 on Friday.

The Dubai-based firm has also stopped making new commitments for its capital until the reorganisation is complete, it said. Mr Naqvi, 57, will remain CEO of Abraaj Holdings and retain a non-executive role on the fund division's …