Omar Lodhi and Selcuk Yorgancioglu were named co-CEOs of Abraaj Investment Management, the private equity firm announced in a news release Friday.
Messrs. Lodhi and Yorgancioglu replace Arif Naqvi, CEO and founder of Abraaj, who has left the fund management business as a result of corporate restructuring, the release said. Mr. Naqvi will continue to manage Abraaj Holdings — which consists of impact investing, private equity, credit and real estate businesses — and will remain a non-executive member of the global investment committee of Abraaj Investment Management.
Messrs. Lodhi and Yorgancioglu are responsible for the strategy of the fund management business. They will work closely with the board to make operational and governance changes after a review of the corporate structure is complete. Following the review, Abraaj Investment Management will be separated from Abraaj Holdings.
"We believe this is the right moment to transition the fund management business to a new structure that will best serve the requirements of our investors and stakeholders. I look forward to working with the newly constituted (AIM) board in supporting them going forward," said Sean Cleary, chairman of the board of directors of Abraaj Holdings, in the release.
Abraaj's funds manage $13.6 billion in assets across Asia, Africa, Middle East, Turkey and Latin America on behalf of institutional investors.
Messrs. Lodhi and Yorgancioglu previously were partners of the group's Asia and Turkey businesses. A spokesman could not be reached to comment about their replacements.