DUBAI (Zawya Dow Jones)--The chief executive and founder of Dubai-based Gulfmena Investments, Haissam Arabi, is stepping down from his post as the asset management firm is shutting down several funds and will focus on more lucrative businesses.
Marc Hambach, the company's current chief operating officer, has been named interim chief executive, according to a statement. The company's board decided to close its proprietary funds, the Gulfmena Opportunities Fund and Gulfmena Access Fund as part of the new strategy.
"Proprietary funds proved difficult to scale and therefore the decision was taken to close them down and focus on what makes more sense today," Mr. Arabi said in emailed comments.
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