Local magazine MENA Fund Manager said this new strategy will see Gulfmena limit its investment activity to discretionary portfolio management services and managed account services, with clients including regional and international institutions, high net worth individuals and family offices. As part of this shift, the asset manager is said to be closing its propriety funds, the Gulfmena Opportunities Fund and Gulfmena Access Fund.
MENA Fund Manager said Gulfmena’s focus as a company will instead be on its recently-established fund services division.
It was also reported that Marc Hambach, currently chief operating officer at Gulfmena, will serve as interim CEO from 1 February, as Arabi leaves to pursue other opportunities.
The magazine quotes outgoing CEO Arabi as saying: “Given the new strategy that we set for the firm which is to focus primarily on fund services activities, Marc Hambach brings a unique skill set that combines legal, structuring, compliance, operations and the required leadership qualities to drive the new business model.
“The newly established fund services division has successfully sponsored and domiciled three investment funds in 2012 and is expected to add a few more in 2013.”