Alternative investment manager Investcorp reported a 90-percent drop in half-year profits on Monday, hit by declining hedge fund revenues.
The Bahrain-based firm, which once floated luxury brands Gucci and Tiffany & Co, said net profit was $5.3 million for the half-year ended Dec. 30, compared to $56.2 million in the prior-year period. Investcorp's fiscal year ends June 30.
Investment said fee income from client business activities and corporate investment asset-based income both rose but it was not enough to overcome the impact of the negative hedge fund returns as investors pulled out amid the euro zone debt crisis.
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