Tuesday, 26 May 2015
Last updated 3 days ago
Aug 6 2010 | 3:04am ET
At investment house Investcorp Bank, alternative investments taketh away, and hedge funds giveth.
The firm suffered its first-ever annual loss in its last fiscal year, thanks to nearly US$700 million in losses on its hedge fund and private equity investments. But the largest alternative asset management in the Persian Gulf is back in the black, swinging from a US$780.6 million first-half loss to a US$102.2 million first-half profit this year.
But while it could blame hedge and p.e. funds last year for losing US$218.4 million, now the asset classes deserve all the credit. Alternative investment funds added US$146.1 million to its bottom line in the first half, as alternative assets under management rose almost US$1 billion to US$9.7 billion.
“The worst is certainly over, not just for Investcorp, but for the global economy,” Rishi Kapoor, the firm’s chief financial officer, said. “The valuation decline has certainly stopped and we are seeing an uptick globally, and alternative assets will benefit from that.”
Investcorp’s fee income rose 69% in the first half, to US$218.9 million. The firm is listed on the Bahrain and London Stock Exchanges.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…