Bahrain-based alternative investments manager Investcorp, has appointed Yusef Al Yusef to lead its Private Wealth business in the GCC.

Yusef, who joined Investcorp in 2005  was promoted from his previous role as Head of Gulf Institutional Clients Group.

Yusef will now oversee the capital raising and wealth management business for Investcorp’s alternative investment products in the GCC among private wealth clients, family offices as well as private wealth distribution channels, Investcorp said in a statement.

Commenting on the appointment, Timothy Mattar, Global Head of Distribution at Investcorp, said: “With Yusef’s experience as a market leader, we are confident that he will continue to build and maintain strong long-term partnerships with our clients, while leading a highly qualified team of relationship managers to a provide world-class service with tailored investment solutions that meet our investors’ needs.”

The COVID-19 crisis, and its associated effects, impacted the Investcorp’s profitability as fee income contracted to $288 million for FY20, a decline of 23 percent compared to $376 million for FY19.

Despite reduced fee income, the increased reliance on and stability of recurring fee income helped to cover its operating expenses, according to its full year results for the period ended 30 June 2020.

(Writing by Seban Scaria; editing by Daniel Luiz)

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