MANAMA: Investcorp, the Bahrain-based asset manager that once floated luxury brands Gucci and Tiffany posted a return to profit for the second half on Wednesday buoyed by its hedge fund business.
It posted a full-year net profit of $102.2 million, Investcorp said in a statement, which meant a $42 million second-half profit for the six months to June 30, according to Reuters calculations.
The alternative asset manager posted a net loss of $269.8 million for the same half a year earlier.
Its hedge fund business generated income of $91.3 million for the full year versus a loss of $323.8 million a year earlier.
Investcorp suffered its first full-year loss in 2008/2009 as the financial crisis hit its hedge funds business and portfolio companies.
Like a number of Bahrain-based investment houses, it had to rise over $500 million in new capital last August. Overall, hedge funds for the six months to June 30 had a slightly negative half, as indicated by the Lipper Hedge Funds Composite Index, which was down 2.9 percent for the period.