Emirates NBD has lost its head of asset management

The head of Emirates NBD’s asset management arm, Deon Vernooy, has resigned to pursue career opportunities in Canada, according to sources close to the situation.

The bank didn’t respond to requests for comment, but Vernooy’s departure will be something of a blow to Emirates NBD. Its asset management division is one of the biggest among regional players in the Middle East; it has $1.2bn in assets under management and employs over 50 staff.

Vernooy has been instrumental in building up the asset management arm of the bank since its inception. From 2004, he worked as head of asset management at Emirates Bank, which merged with National Bank of Dubai in 2007 to create Emirates NBD. He’s been building the team since then in the position of senior executive officer for the asset management division.

As well as growing in size, Emirates NBD’s asset management arm has also won various industry accolades including ‘best asset management company’, at the Arab Achievement Awards this year, and was recognised for its global sukuk fund at the MENA Fund Management Performance Awards.