Investcorp’s half-year profit slips amid global economic headwinds – The National

Investcorp’s half-year profit slips amid global economic headwinds – The National

Assets under management rose during the first six months of 2020 financial year despite a weaker economic backdrop. Bahrain-based asset manager Investcorp reported a 17 per cent decline in net income in the first half of its financial year to December 31, but its assets under management increased despite a subdued global economy and a rise in geopolitical tensions.. Net profit for the six-month period dropped to $48 million (Dh176m), the company said in a statement to the Bahrain Bourse, where its shares trade.. Net income, excluding fair value change of legacy investments at $59m, was 2 per cent higher year on year.. Total comprehensive income for the period declined 18 per cent to $46m.. The company, which counts Abu Dhabi's Mubadala Investment Company as its biggest shareholder, said assets under management increased by $3 billion to $31.1bn during the reporting period.. Its strategic and financial objectives, including reaching assets under management of $50bn over the medium term, "are increasingly translating into a more resilient business and financial model," the company noted.. Fee income of $172m rose 15 per cent year-on-year, driven by a surge in asset management and deal fees.. The company entered the second half of its fiscal