British expat quits Qatari finance role

David Hellier
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STUART Pearce, a former corporate investment banker with HSBC, has stepped down as the chief executive of the Qatar Finance Authority, CityA.M. has learnt.<br /><br />Pearce, who has been in the post since August 2005, will leave it shortly to become special adviser to the chairman of the Authority for a six month period.<br /><br />His departure from such a key role has raised questions about Qatar&rsquo;s commitment to providing a stable financial framework, local expatriate business leaders said yesterday.<br /><br />The setting up of the Qatar Financial Authority, in May 2005, has helped attract the world&rsquo;s largest financial institutions as the region competes with other rival centres such as Dubai and Abu Dhabi.<br /><br />Shashank Srivastava becomes acting chief executive of the QFC Authority. A statement from QFC said the changes take place as part of a new strategy for the QFC Authority.<br /><br />For more than four years Pearce has been part of a powerful double act alongside Phillip Thorpe, an ex-city regulator who is now head of Qatar&rsquo;s main financial regulator. &ldquo;The sight of the two was a reassuring presence for the English expat financial community,&rdquo; one source said.