Gulfmena founder and CEO to step down

Haissam Arabi, founder and CEO of Gulfmena Investments, will step down as the company closes its proprietary funds and adopts a new strategy after losses in a main vehicle.

Marc Hambach, chief operating officer at the company, which is based in the Dubai International Financial Centre in the United Arab Emirates, will take over as interim CEO effective Feb. 1, Mr. Arabi said in an e-mail to Bloomberg News on Monday. The Gulfmena Opportunities Fund and Gulfmena Access Fund will close as the company seeks to focus on institutions, ultra-high-net-worth individuals and family offices, he added.

Gulfmena Investments will focus on offering services, including sponsoring DIFC funds, structuring and “domiciliation of carefully selected managers,” according to the e-mail from Mr. Arabi. It will continue to offer investment management services, he said.