Investcorp, a Bahrain-based asset manager, has cut its hedge fund investments by more than half as it refocuses its business to take advantage of a recent recovery in global markets.
The firm reduced such investments from US$2 billion (Dh7.34bn) to $800 million and made changes in management to streamline operations, said Nemir Kirdar, the chief executive. His comments came ahead of a board meeting in Abu Dhabi yesterday.
Investcorp, the largest alternative asset manager in the Gulf with about $9bn under management, had a balance sheet with ample liquidity to tide it through the crisis, Mr Kirdar said. In addition to its hedge fund investment, the company also targets private equity, technology, property and start-up capital.
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