Dubai financial regulator appoints new CEO

Regulator Dubai Financial Services Authority (DFSA) has announced the appointment of of Bryan Stirewalt as its new chief executive.

Stirewalt replaces Ian Johnston, who announced his intention to retire in late 2017 after taking on the role in June 2012.

“During his [Johnston’s] term, the DFSA became a signatory to important international bodies such as the International Organisation of Securities Commissions and the International Association of Insurance Supervisors, to name but two,” said DFSA chairman Saeb Eigner.

“He has also strengthened our relationship with other UAE regulatory authorities. I am sure that Bryan will build successfully on this legacy.”

The incoming CEO has been with the DFSA for 10 years, including eight as managing director of supervision.

He will officially take the role on October 1.

The appointment comes amid a DFSA investigation into troubled private equity group Abraaj.

The regulator said last month it had stopped Abraaj Capital, the only entity at the firm that comes under the DFSA’s jurisdiction, from taking on new business or moving money to related entity Abraaj Investment Management.

Read: Dubai regulator probes Abraaj Capital, stops it from taking on new work

Abraaj filed for provisional liquidation in the Cayman Islands in June after months of turmoil linked to a row with investors over the use of their money in a $1bn healthcare fund.

It has been reported that Abraaj was found to have borrowed money from its own funds to meet operating expenses ahead of its collapse.

Read: Dubai’s Abraaj receives $1 bid for fund unit