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Investcorp plans to rebuild hedge fund business

Tuesday, June 09, 2015

Komfie Manalo, Opalesque Asia:

Bahrain-based money manager Investcorp Bank BSC said it plans to rebuild its hedge fund and push its real estate business in Europe. The announcement came as Investcorp founder Nemir Kirdar is set to step down from the company after 32 years, said Bloomberg.

Investcorp’s new management team is seen shifting the firm’s focus in an effort to boost growth. In April Mohammed Al-Shroogi and Rishi Kapoor were appointed as co-chief executive officers on the back of a growing trend amongst wealthy Middle East families being courted by global and regional fund managers.

The report said Investcorp wants to reinvigorate its hedge fund business, which currently manages $4.8bn in assets, down from roughly $8bn before the 2008 global financial crisis. Investcorp Chief Investment Officer Savio Tung has also introduced cost-cutting measures and launched new products beyond its primary fund-of-funds model.

Investcorp’s hedge fund business earned $28.2m on asset-based earnings. The figure was up 10% from the previous year, the company said.

"I have to be honest, four years ago was horrible and the team lost their confidence in terms of picking managers, in terms of investment analysis and the organization was bloated," Tung said.

Opalesque Note......................

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