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Gulfmena shuts proprietary funds
- United Arab Emirates: Tuesday, January 29 - 2013 at 05:33
Dubai-based Gulfmena Investments has decided to close its proprietary funds and to adopt a new strategy after losses in a main vehicle, Bloomberg has reported. The Gulfmena Opportunities Fund Ltd. and Gulfmena Access Fund will close as the company seeks to focus on institutions, ultra-high net worth individuals and family offices, said chief operating officer, Marc Hambach. "The past five years have been very difficult for the asset management industry in particular and the financial industry in general," said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services Co.
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