Abraaj is said to consider sale of fund unit stake to raise cash | GulfNews.com

Abraaj is said to consider sale of fund unit stake to raise cash | GulfNews.com:

"Abraaj Group, the Middle East buyout firm, is considering the sale of a stake in its fund management business to raise cash amid heightened regulatory scrutiny and the departure of key executives, according to people with knowledge of the matter. The group has held discussions with advisers about selling part of the newly separated investment business, which oversees funds globally for institutional investors, the people said, asking not to be identified as the matter is private. Meanwhile, markets regulator for the Dubai financial center where Abraaj is licensed is holding discussions with the firm about some investors’ concern that capital in a health-care fund wasn’t allocated properly, though no formal investigation is underway, they said. Abraaj, which last month said it would separate the funds business from its holding company, is working with consultants on a “comprehensive review” of its corporate structure, a spokeswoman said in response to queries. The firm “remains in regular contact and dialogue with its regulators and engages with them on various matters,” she said. A representative for Dubai Financial Services Authority declined to comment."



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