Mashreq Capital’s CEO Said to Leave After Month in the Job

(Bloomberg) -- Aamir Peracha, chief executive officer of Mashreqbank PSC’s asset management unit, has left a month after being appointed to the position, two people with knowledge of the matter said.

Peracha, who was named CEO of Mashreq Capital DIFC Ltd. in June, left last month, the people said, asking not to be identified because the information isn’t public. They didn’t provide a reason for his departure. Mashreqbank didn’t immediately respond to requests for comment.

Mashreq Capital oversees about $1.6 billion across equity and fixed-income funds. Its Active Sukuk Trading Fund is among the top five best-performing, dollar-denominated Islamic fixed-income funds globally in the past year, according to data compiled by Bloomberg.

Peracha replaced Abdul Kadir Hussain, who left in June for personal reasons after 10 years at the bank. Peracha was earlier managing director and head of equities and derivatives. Mashreqbank last month reported a 16 percent decline in second-quarter profit to 539.4 million dirhams ($147 million) after bad loan charges climbed.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net. To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Samuel Potter at spotter33@bloomberg.net, Claudia Maedler