After naming new CEO, Dubai’s Shuaa Capital replaces CFO

Just days after announcing a new chief executive officer, Dubai-based investment bank and asset management firm Shuaa Capital has appointed a new chief financial officer and made other changes to its top deck.

The Dubai Financial Market-listed Shuaa has replaced its chief financial officer Joachim Mueller with Indian-origin executive Gunshyam Kripa, the company said in an exchange filing.

“Our business has transformed over the years with a razor focus on building efficiencies and shareholder value. With this in mind, we have full confidence in Gunshyam’s ability to take this step with us as we move the company forward,” Shuaa said.

Shuaa said it has hired more than 20 financial services professionals so far this year, with more to be hired to strengthen client offering.

“This process also includes certain redundancies, which are part of the company’s performance management cycle,” it said, without elaborating.

A Bloomberg report said separately that Shabana Osmani, who was heading the risk management division at Shuaa, is on the way out.

Shuaa, which manages nearly $14 billion in assets, last week replaced its chief executive officer and elevated Fawad Tariq Khan to the new role.

Khan succeeded Jassim Alseddiqi, who is also Shuaa’s principal shareholder with a stake just short of 30%. Alsiddiqi has been elevated to the board as the managing director. Khan will continue to hold his current position as the head of investment banking at Shuaa.

Earlier this week, Shuaa completed a leveraged buyout of Allianz Marine and Logistics Services, using a $160 million financing facility. In March, Shuaa had launched a $100 million initial public offering for the first of three SPACs it plans to list on the Nasdaq.