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.

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