Reuters Dubai- Bahrain-based investment bank Investcorp’s INVB.BH profit in the six months to June 30 fell to about a third of the year-ago period as asset-based income dropped on global economic woes.

The company, which generates most of its income from investing Gulf Arab wealth in the West, made $63.3 million in the period, down 71.5 percent from $222.49 million in the year-earlier period.

The Bahrain- and London-listed firm made net income of $151.1 million in the fiscal year to June 30 compared with $302.3 million in the previous fiscal year, it said in a statement on Thursday.

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West Palm Beach (HedgeCo.net)- Investcorp’s hedge fund co-managers said they have raised over $2 billion for their Single Manager Platform. Debuted in 2005, the platform supports emerging talent in the hedge fund industry.

Deepak Gurnani, managing director and co-head of hedge funds said, "Reaching the $2 billion milestone is a testament to the quality of the managers who have partnered with us."

"We’ve tailored the program to the interests of sophisticated institutional investors that want to diversify their hedge fund holdings by including the industry’s rising stars in their portfolios," Ibrahim Gharghour, managing director and co-head of hedge funds added.

Investcorp provides between $50 million and $100 million in seed capital to the managers along with support for marketing and ongoing risk monitoring to avoid style-drift and other operational concerns. Investcorp’s hedge funds team of more than 100 professionals oversees approximately $8 billion in assets under management, of which approximately $2 billion is proprietary capital.

The Single Manager Platform is part of Investcorp’s larger suite of hedge fund solutions, which includes fund of funds, customized portfolios and structured products. Today, it has more than 30 institutional investors in the platform, which comprises six managers with a range of investing strategies.

The six managers currently in the program are Cura Capital Management, a fixed income relative value manager based in New York, Interlachen Capital Group, a multi-strategy firm based in Minneapolis, Silverback Asset Management, a convertible arbitrage focused management firm based in Chapel Hill, North Carolina, Stoneworks Asset Management, a global macro investment platform based in London, Washington Corner Capital Management, a distressed and credit-based investment platform based in Florham Park, New Jersey and WMG Asia, an Asian long/short equity strategy management firm based in Hong Kong.

Hank Murphy is the head of development for the Single Manager Platform.

Editor; Alex Akesson

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Gulf Daily News- An Investcorp fund has won a top European hedge funds award.

Investcorp Stoneworks Global Macro Fund won the best newcomer award at Hedge Funds Review’s European Performance Awards in London.

The awards recognise leading hedge fund managers across the industry.

The awards ceremony was attended by hundreds of Europe’s most talented hedge fund personnel at London’s prestigious Grosvenor House Hotel.

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