Kuwaiti European Holding (KEH) Group, a family investment vehicle, previously held a 23.1% stake in the business. However, a regulatory filing showed that was reduced to zero on Friday morning.
KEH Group chief executive Humphrey Percy has exited the WH Ireland board with immediate effect.
The announcement comes a day after WH Ireland announced chief executive Richard Killingbeck would exit the business at the end of the month. Killingbeck will be replaced by Phillip Wale, who joins from Cantor Fitzgerald Europe.
Head of wealth management, Roddy Buchanan, left the firm a week earlier with immediate effect. WH Ireland said Buchanan’s exit was due to a difference of opinion regarding the strategic direction of the private wealth management division.
The shares were transferred for nil consideration. Abdulaziz Al-Bader now holds 9.21% in the business, Waleed Al-Thaqeb holds 4.09% and Thamer Al-Wazzan holds 8.56%.
The regulatory filing said a relationship agreement between WH Ireland and KEH Group had now terminated. It was first agreed in November 2016.
Polygon Global Partners is the largest shareholder with a 25.36% stake, while Oceanwood Capital Management is now the second largest, holding 15.58%.
KEH Group initially bought its stake in WH Ireland for £8.45m in September 2016.
