Investcorp to reach $25 bln AUM target next year, sets sights on $100 bln

Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said.

  
Image used for illustrative purposes,An employee of KEB counts U.S. one hundred dollar notes at the bank's headquarters in Seoul

Image used for illustrative purposes,An employee of KEB counts U.S. one hundred dollar notes at the bank's headquarters in Seoul

Reuters/Jo Yong Hak
ABU DHABI, Nov 10 (Reuters) - Investcorp expects to reach its target of $25 billion for assets under management (AUM) next year, by which time it will have a strategy formulated to take the measure to $100 billion, chairman Mohammed al-Ardhi said late on Wednesday.

The alternative investment firm had set an aim in November 2015 of more than doubling its AUM over a period of seven years from $11 billion, a feat Ardhi believed would put it into the top tier of global investment companies.

The acquisition of the debt-management business of Britain's 3i Group PLC for 222 million pounds ($275.5 million), announced last month, has increased its AUM to $23 billion within the first year of the target.

"This time next year, with these initiatives behind us, we will be at $25 billion," Ardhi told a dinner audience ahead of the firm's investor day.

Apart from 3i, Investcorp has also announced deals in the past 12 months for a 55 percent stake in Italian menswear company Corneliani, a minority stake in Saudi Arabian supermarket group Bindawood Holding, and cybersecurity firms Securelink and Nebulas.

"At that point, we will put a strategy in place - a strategy we will discuss with you - for becoming the first asset manager in the region to reach $100 billion AUM," Ardhi said, adding it would talk more about how the plan will be next year.

($1 = 0.8058 pounds)

(Reporting by David French; Editing by Sherry Jacob-Phillips) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))






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