Abu Dhabi Sovereign Fund Unit CEO Departs, CIO Said to Leave

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Nazem Al Kudsi, the chief executive officer of Abu Dhabi Investment Company, a unit of sovereign wealth fund Abu Dhabi Investment Council, has left after seven years at the firm, the company said.

Kudsi left to purse new opportunities, according to Mohammed Al Hashemi, the executive director of asset management at the company also known as Invest AD. Khalifa Sultan Al Suwaidi, the director of direct investments at ADIC and a member of the Invest AD board, has been interim CEO since January, Hashemi said by e-mail on Monday.

Kudsi has joined Emirates International Investment Co., an Abu Dhabi-based private equity firm, according to two people familiar with the matter. EIIC didn’t respond to calls and an e-mailed request for comment. Kudsi didn’t return calls to his mobile phone.

Home to 6 percent of the world’s proven oil reserves, Abu Dhabi uses various wealth funds to diversify income from oil and to save for future generations. ADIC, which has an almost 70 percent stake in the United Arab Emirates’ biggest lender, National Bank of Abu Dhabi PJSC, in June reshuffled its board and the emirate’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan was named head.

David Sanders, the chief investment officer at Invest AD, has also left the company, said the people, who asked not to be identified as the information isn’t public. Sanders joined the firm in 2008 from NBAD, where he worked as a senior fund manager, according to his LinkedIn profile.

An external spokesman for Invest AD declined to comment on Sanders’ departure. Sanders didn’t return a phone call or reply to a LinkedIn message seeking comment.

Egypt Shift

Invest AD manages several investment funds including the Invest AD GCC Focus Fund, which has $45 million under management, and the Invest AD Emerging Africa fund, with assets of $41 million. It also has a smaller fund focused on investing in Iraq.

“We continue to respond to investor demand, and are looking to launch new investment vehicles in the coming months,” Al Hashemi said. “Invest AD took a decision five years ago to concentrate on offering funds that invest in public securities in the Middle East and Africa.”

The company said in March it was boosting investments in Egypt on expectation that the country’s renewed political stability and economic reform will help drive growth. The North African country accounted for 35 percent of its Africa equity fund, up from 10 to 15 percent last year, portfolio manager Sherif Salem said at the time.