Bahrain's Investcorp says market volatility won't hit business
Investcorp expects its business to sail through the volatility in global and local markets, its co-chief executive said on Sunday after the alternative investment fund posted a 13 per cent increase in fullyear net income.
Gulf investors are still looking to deploy their existing wealth into new investments, especially to diversify outside of the region, Rishi Kapoor told reporters on a conference call. "We have had similar situations in the past, either led by oil price declines or regional geopolitical tensions, but Investcorp has positioned itself as a conduit for investors to allocate a position of their current wealth to attractive investment opportunities in the US and Europe. "That resonates better in an environment of greater uncertainty," said Kapoor, who was elevated to co-CEO along with Mohammad Al Shroogi after long-standing head Nemir Kirdar stepped down on June 30.
The Bahrain-based firm's net income for the 12 months to June 30 was $116.7 million (Dh428 million), up from $103.1 million a year earlier, according to a bourse statement, with a return on equity of 16 per cent - in line with the previous year. It was boosted by earnings from its investments, including exits of which the most prominent was Berlin Packaging, but tempered by a 68.7 per cent drop in hedge fund income.