UPDATE 1-Dubai World shuffles management at Istithmar World

Government conglomerate Dubai World shook up the management ranks at its Istithmar World unit on Thursday, shifting executives from developer Nakheel as part of its restructuring.

The changes come amid speculation that Istithmar World, the investment arm of the Dubai government and owner of U.S. luxury retailer Barneys New York [DBWLDB.UL], may be facing difficulties.

A media report last week said Istithmar World is freezing investments as part of a restructuring that may result in the sale of the fund or its assets. [ID:nBNG437413]