Investcorp, N.Y. Hedge Fund Exec. Part Ways

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.

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