Wednesday, 26 October 2016
Last updated 10 hours ago
Jan 25 2010 | 8:09am ET
Asset management firm Investcorp has lost a principal in its U.S. hedge fund business.
Hank Murphy has left the US$9.4 billion firm, which has seen its hedge fund assets fall by more than half to US$3.6 billion, Financial News reports. Murphy was a principal in the firm’s New York hedge fund business.
The hedge fund unit’s troubles contributed to Investcorp’s first-even annual loss last year. The firm is the largest alternative asset manager in the Persian Gulf region, and also has offices in New York and London.