Mondial Dubai CEO Sean Kelleher has responded to growing industry speculation that he is selling his 25% stake in the UAE financial planning business.
Investment International has been aware in recent weeks through a number of sources that Kelleher was in the process of selling his shareholding and further understands from a very reliable source that a change of shareholder ownership is currently at a late stage of completion with its regulator the UAE Securities and Commodities Authority.
In response, speaking to II Kelleher said: “It has to be no comment at this point in time.”
Just shy of five years ago, in July 2019 Cyprus-based Woodbrook Group announced it was to acquire Mondial, one of the UAE’s oldest financial planning and wealth management firms with Kelleher retaining a significant stake.
At the time, Kelleher said: “Joining the Woodbrook Group strengthens our financial backbone, in turn enabling us to improve our range of client-driven services". The value of the deal was not disclosed.
Kelleher, who had been with the company since 1989, was to stay on as chief executive and the Mondial name did not change.
Woodbrook gave "access to private equity money and with that private equity money we want to buy technology to improve the service to the retail sector" he said at the time.
