Wednesday, 24 August 2016
Last updated 11 hours ago
Sep 13 2011 | 2:34pm ET
Alternative asset manager Investcorp has tapped a former founding partner to serve as the first chief executive of its North American operations.
Savio Tung returns to a full-time role at Investcorp, where he served from 1984 until 2009, including stints as head of corporate investment, North America and head of technology investment. Since 2009, Tung has served as an advisor to Investcorp and as chairman of its technology investment committee.
In his new role, Tung will oversee all Investcorp’s growing U.S. business interests, which include private equity, real estate and hedge funds. The firm’s global hedge funds’ co-investments returned 6.8% in 2010.
As of June 30, 2011, Investcorp had $11.8 billion in assets under management (roughly $5.6 billion in private equity, $5 billion in hedge funds and $1.2 in real estate, the figures including Investcorp’s own investments as well as client investments.) The company reported profits of $140.3 million for its 2011 fiscal year, which ended June 30.