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Invest AD to wind up its banking firm

Gulf News

Dubai: Abu Dhabi government-owned investment company Invest AD is looking to spin off, and possibly sell, its investment banking business after it decided to wind it down due to market conditions, a person close to the company said yesterday.

"Invest AD brought a high-quality team on board, and they would be pretty valuable to the right player as markets are rebounding," the person, who declined to be named, said.

The company is looking for possible "third party partners," which includes buyers, the person added.

Invest AD yesterday said it had decided to close its investment banking advisory team "after careful consideration of market conditions."