Bahrain’s Investcorp posts $165m loss, targets 50% AUM growth

Bahrain’s Investcorp posts $165m loss, targets 50% AUM growth

Bahrain's Investcorp recorded a $165 million loss for the 12 months ending June 30, against profits of $131 million a year ago, citing direct negative impact from the Covid-19 pandemic.

The ongoing coronavirus crisis also impacted asset-based income, which recorded a $100 million loss from an $89 million profit, said Investcorp in a statement.

The global investment bank said its fee income contracted to $288 million, 23 percent down on $376 million for the 2018–19 financial year.

“Despite reduced fee income, the increased reliance on – and stability of – recurring fee income helped to cover operating expenses,” Investcorp said.

Investcorp cited “fair value declines” related to a number of assets operating in “secularly challenged industries”, such as retail.

“The growth and diversification strategy we introduced in 2015 has helped increase our resilience by offering