Eating out, poor hand hygiene and erratic weather may be among causes, say medics
Andy Watson replaces private equity investment specialist David Jackson who has resigned as CEO. Watson takes up his new role with immediate effect.
“His [Watson] experience will be vital in actively managing the portfolio of assets held by Istithmar World,” Dubai World Chief Restructuring Officer, Aidan Birkett, said.
Watson has an extensive background within the Dubai World group and was previously a director with Barclays Capital, the investment banking division of Barclays Bank group.
Watson took over as chief investment officer at Istithmar World in September in a management reshuffle involving Dubai World’s property unit Nakheel, developer of three palm shaped islands. “Today, Istithmar World is focused on the steady-state management of existing assets to maximise value rather than on private equity investment,” Birkett said.
Istithmar World is one of the flagship companies of government-owned Dubai World, which has been hit hard by the global financial crisis, and is in the process of restructuring.
Jackson became Istithmar’s CEO in 2006 and spearheaded the company’s drive to expand its portfolio. Istithmar spent at least $16.4 billion on publicly reported investments this decade, according to the Monitor-FEEM SWF transaction database.
Among its investments are Yacht Haven Grande, a marina complex in the Caribbean, the W Hotel Union Square in New York and GLG Partners Inc., a hedge fund.
Istithmar may halt investments as part of a restructuring effort that may result in a sale of the fund or its assets, people familiar with the plan said in September.
The company’s co-chief investment officers John Amato and Felix Herlihy left the firm the same month.
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
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