DUBAI: The chief executive of Abu Dhabi-based investment firm, The National Investor (TNI), has resigned and a replacement is yet to be named, two sources familiar with the matter told Reuters on Tuesday.
Orhan Osmansoy, who joined TNI in 2004, was instrumental in expanding the company into a regional investment firm, operating in private equity, investment advisory and asset management businesses.
However the company was hard hit during the global financial crisis.
It shed dozens of jobs - more than half of its workforce last year as, like a number of rival Middle Eastern investment firms.
It struggled to boost revenue and remain profitable in depressed capital markets.
The sources, who spoke on condition of anonymity, said Osmansoy resigned last week, but declined to say why he left.
A spokesman for the company declined to comment, and Osmansoy could not immediately be reached for comment.
Privately-owned TNI's net profit rose to 3.9 million dirhams or $1.06 million in the 2011/2012 fiscal year after plummeting to 2.2 million dirhams the year before from 30.8 million dirhams in 2009/2010.
Consolidated revenue rose 5 percent to 107.1 million dirhams in 2011/2012.
The firm has advised on the initial public offerings of companies such as Aldar Properties and Abu Dhabi Islamic Bank.
Earlier this year, it advised Saudi Arabia's Al Zahrawi Holding LLC, a subsidiary of the Al-Muhaidib Group, on the sale of a 49 percent stake in its medical distribution operations in the UAE and Qatar to Jeddah-based healthcare investment firm ReAya Holding. (Reuters)
