People are pictured at the Dubai International Financial Center in this November 10, 2013. REUTERS/Omr Mohamed
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Abraaj Group's founder Arif Naqvi will cede control of the fund management business in a sweeping restructuring of the Middle East's largest private equity firm following reports of misused funds.Abraaj, which manages about $13.6 billion, is reorganizing the business following allegations in recent weeks that money in its health care fund had been misused.The new structure and management will be "more typical" of a private equity firm, Naqvi said.The review commissioned by the firm is meant to pave the way for improving operational efficiency, according to Abraaj's statement.Founded by Naqvi in Dubai in 2002, the Abraaj Group is one of the largest buyout firms in emerging markets with operations across Africa, Asia, Latin America and Turkey.
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