Font Size

- Aa +

Tue 8 Feb 2011 05:43 PM

Font Size

- Aa +

Dubai's Shuaa Capital CFO Deards resigns

David Deards was Shuaa's CFO since March 2010; investment bank's Q4 loss widened on impairments

Dubai's Shuaa Capital CFO Deards resigns
SLOWDOWN EFFECT Shuaa has been shedding risky assets from its investment portfolio after the Dubais property crash and asset bubble (Bloomberg Images - image for illustrative purposes only)

Shuaa Capital's chief financial officer David Deards has resigned, one source familiar with the matter said on Tuesday, a day after the investment bank reported higher fourth-quarter losses.

The Dubai-based company was not immediately available for comment.

Shuaa has been shedding risky assets from its investment portfolio after the Dubai's property crash and asset bubble.

On Monday, Shuaa said its fourth-quarter loss was AED186.7m, compared with AED154.3m a year earlier, driven by impairments and lower valuations.

Deards was appointed in March 2010 to help the investment bank meet its aim of tripling its fee income in the next three years. He joined from London-listed Alliance Trust.

Shuaa is one of the largest regional investment banks. After years of expanding regionally and abroad, the group was hit hard by the global downturn as impairments related to troubled assets erased profits.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.