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Bahrain-based investment manager Investcorp has shaken up its leadership team, ditching its co-chief executive structure and handing more power to executive chair Mohammed Alardhi.
The company, which manages $52bn of assets, said on Monday that one of the co-CEOs, Hazem Ben-Gacem, would leave the business while the other, Rishi Kapoor, will become vice-chair and chief investment officer. Alardhi “will assume additional responsibilities previously undertaken by the co-CEOs”, it said. The co-CEO structure had been in place since 2015.
Ben-Gacem, who has been at Investcorp for three decades and co-CEO since 2018, will remain vice-chair of Investcorp Capital, an Abu Dhabi-listed investment vehicle which is part of the wider group.
Investcorp also announced that its investment activities will in future be organised in three “business verticals”: private equity, real assets and credit, alongside an expansion of its executive committee.
“As we increase our focus on leveraging the strength of our existing investment platform, we recognize it is the right time to broaden our executive leadership to support our future growth plans,” said Alardhi in a statement.
The company employs about 500 people across 14 offices.
It has invested in a wide range of assets, including a dialysis service provider in Asia, a packaging company in India, student accommodation in the US and a company working on the redevelopment of John F Kennedy airport in New York.