Dubai World puts new management team at Istithmar World

Government conglomerate Dubai World shook up the management ranks at its Istithmar World unit on Wednesday, shifting over executives from developer Nakheel as part of its restructuring.

Dubai World named Andy Watson as chief investment officer, Binod Narasimhan as chief financial officer, and Sandesh Pandhare as managing director, private equity. It also appointed Hamza Mustafa as managing director, real estate. Istithmar World chief executive David Jackson remains in his job. The changes come after a media report last week that Istithmar World, which owns U.S. luxury chain Barneys New York, is freezing investments as part of a restructuring that may result in the sale of the fund or its assets.Istithmar World said last week that its two co-chief investment officers will be leaving the firm.