Mashreqbank’s Abdul K. Hussain Quits for Personal Reasonsby
Will be replaced by Aamir Peracha, the head of equities
Mashreq Capital manages $1.5 billion across equities, bonds
Mashreqbank PSC, the Dubai-based lender controlled by the billionaire Al Ghurair family, said the head of its asset management unit Abdul Kadir Hussain will leave for personal reasons.
Hussain, who was also chief executive officer of Mashreq Capital DIFC Ltd., will be replaced by Aamir Peracha, the managing director and head of equities and derivatives, according to an e-mailed statement on Thursday.
Hussain, who joined the bank in 2006, oversaw $1.5 billion across equity and fixed-income funds. Mashreq’s Active Sukuk Trading Fund is among the top five best performing, dollar-denominated Islamic fixed-income funds globally over the past year, according to data compiled by Bloomberg.
The bank in April reported an 18 percent decline in first-quarter profit to 532 million dirhams ($145 million) as provisions almost doubled. Its stock fell 15 percent this year as of 12:31 p.m. in Dubai, compared with a 6.4 percent advance in the emirate’s DFM General Index.