Bahrain's Investcorp on track to achieve $50bln in assets under management

MANAMA: Investcorp, a Bahrain-based alternative investment manager, is more than halfway to achieving $50 billion in assets under management (AuM), it has emerged.

The firm’s executive chairman Mohammed Alardhi told shareholders during a general meeting yesterday that the performance so far was “an impressive achievement amidst an uncertain global macroeconomic backdrop”.

Last month, Investcorp reported net income of $131 million for the 12 months ended June 2019 (FY19), up five per cent compared with $125m for the 12 months ended June 2018 (FY18).

AuM increased by $1.9 billion to $28.2bn during the period.

Gross operating income was $465m in FY19 compared with $454m in FY18.

Fee income was $376m, up 17pc compared with $321m for FY18 as AuM fees grew by 5pc from $173m to $181m and deal fees increased to $195m, up 32pc from $148m in FY18.

“Our progress demonstrates the strength and resiliency of our ambitious growth and diversification strategy as we scale and globalise our distribution platform while further enhancing our client offerings,” Mr Alardhi added.

“We will continue to focus on investing in businesses and assets poised for growth and value creation, utilising our proven, prudent and disciplined approach.”

The meeting led by Investcorp chairman Dr Yousef Al Ebraheem saw the election of six new members to its board.

The new members include: Joachim Faber, a business executive with over 20 years of experience in the European financial and banking industry; Dr Mazen Fakeeh, a Saudi-based regional healthcare specialist, John William Fraser, an Investcorp veteran with 30 years of experience in investment advisory and management; Sir Gerry Grimstone, a British businessman and chairman of Barclays Bank; Abdullatif Al Othman, the owner of a leading Saudi Arabian engineering, architecture and interior design consultancy, and Gregory Kam Leung, former secretary for commerce and economic development of Hong Kong.

“We are pleased to welcome the new directors. We look forward to working closely together and are confident that their wealth of experience will contribute to our firm’s success as we continue to deliver on our strategy in FY2020 and beyond. We are also pleased to report that nine of our existing board members will continue as directors,” said Mr Alardhi.

avinash@gdn.com.bh

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