Executive chairman Mohammed Alardhi has moved power from the co-CEOs to the rest of the management team under the revised leadership structure announced by Bahrain's Investcorp, that counts Mubadala Investment Company as its biggest shareholder.
In the reshuffle, the Manama-based alternative investment manager will hand over more control to Mr Alardhi as Hazem Ben-Gacem, the co-chief executive of the company, will be leaving after three decades.
Mr Ben-Gacem, who joined Investcorp in 1994 and was appointed co-chief executive in 2018, will be stepping down on November 1 but will continue in his role as a vice chairman of Investcorp Capital, the company said in a statement on Monday.
Rishi Kapoor, who was also co-chief executive, will be taking on a new role as vice chairman and chief investment officer, as the company aims for “greater co-ordination across investment strategies and geographies”, it said.
The changes come as Investcorp, which has $52 billion in assets under management, aims to double its asset base to $100 billion in the coming years.
“As we increase our focus on leveraging the strength of our existing investment platform, we recognise it is the right time to broaden our executive leadership to support our future growth plans,” Mr Alardhi said.
A Harvard graduate, Mr Ben-Gacem helped grow Investcorp’s assets under management from $10 billion to more than $50 billion and established the company as the largest non-sovereign asset manager originating from the GCC, with a footprint that stretches from Los Angeles to Tokyo, he said in a LinkedIn post.
He also helped Investcorp expand its push into Asia.
While he did not state the reason for his stepping down, Mr Ben-Gacem said he would be embarking “on my own odyssey in the global worlds of investing and financial markets”.
“My private equity journey will continue to be one that is full of energy, creativity, audacity, authenticity, integrity and, most importantly, relevance and returns to shareholders and investors. I will share some more details on this in the coming months,” he said on LinkedIn.
Investcorp is an active investor in mid-market companies across consumption-linked sectors. It has 14 offices across the US, Europe, GCC and Asia, including in India, China and Singapore.
Last November, the company listed its subsidiary Investcorp Capital, which offers capital financing services in the alternative investment space, on the Abu Dhabi Securities Exchange after it raised Dh1.66 billion ($451 million) by selling 720 million ordinary shares or 32.85 per cent of its total issued share capital.
It also launched a $750 million climate-focused investment platform in December to invest in companies focused on developing innovative products and technology to reduce emissions globally.
As part of the reshuffle announced on Monday, Investcorp has also consolidated and organised its investment activities under three global business verticals – private equity and private equity like, which will be led by Dave Tayeh; real assets (comprising real estate and infrastructure), which will be led by Herb Myers and Mike O’Brien; and credit, which will be led by Jeremy Ghose.
Yusef Al-Yusef will be leading the Global Distribution Platform, the company said.
COMPANY%20PROFILE
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
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Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The 24-man squad:
Goalkeepers: Thibaut Courtois (Chelsea), Simon Mignolet (Liverpool), Koen Casteels (VfL Wolfsburg).
Defenders: Toby Alderweireld (Tottenham), Thomas Meunier (Paris Saint-Germain), Thomas Vermaelen (Barcelona), Jan Vertonghen (Tottenham), Dedryck Boyata (Celtic), Vincent Kompany (Manchester City).
Midfielders: Marouane Fellaini (Manchester United), Axel Witsel (Tianjin Quanjian), Kevin De Bruyne (Manchester City), Eden Hazard (Chelsea), Nacer Chadli (West Bromwich Albion), Leander Dendoncker (Anderlecht), Thorgan Hazard (Borussia Moenchengladbach), Youri Tielemans (Monaco), Mousa Dembele (Tottenham Hotspur).
Forwards: Michy Batshuayi (Chelsea/Dortmund), Yannick Carrasco (Dalian Yifang), Adnan Januzaj (Real Sociedad), Romelu Lukaku (Manchester United), Dries Mertens (Napoli).
Standby player: Laurent Ciman (Los Angeles FC).
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Tewellah by Nawal Zoghbi is out now.
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Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Killing of Qassem Suleimani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)