Investcorp, the alternative investment firm, has appointed Nemir Kirdar as chairman of its board of directors, effective from July 1, it said yesterday.
Mr Kirdar will replace Abdul-Rahman Al Ateeqi, who will retire as chairman at the end of the current fiscal year on June 30. Mr Al Ateeqi has served as chairman since the company’s inception in 1982.
Bahrain-based Investcorp announced in October that Mr Kirdar would retire in June this year from his positions as executive chairman and chief executive.
“As we move into the next phase of our growth, I am honoured by this opportunity to continue to serve Investcorp and its investors in a new role,” Mr Kirdar said.
Mohammed Al Shroogi, president of Arabian Gulf business, and Rishi Kapoor, chief financial officer, will become co-chief executives from July 1, subject to regulatory approval. Mohammed Al Ardhi, a non-executive board director since September 2008, will succeed Mr Kirdar as executive chairman.
The firm has been expanding into the United States education and property sectors.
Last month, Investcorp said it will acquire Nobel Learning, a provider of private preschool to high school education, from Leeds Equity Partners.
Bahrain’s sovereign wealth fund Mumtalakat joined the acquisition as a co-investor and partner.
Investcorp also spent US$300 million on four residential properties in Washington, Orlando, San Diego and Baltimore, it said last month.
That is about a third of the $850m it invested in the past 12 months into US real estate.
Investcorp posted a 5 per cent increase in net income to $45.3m in the first half of last year.
Among its acquisitions last year is PRO Unlimited, the US-based provider of software and services for the contingent workforce market and the specialist Italian retailer Dainese at an enterprise value of €130m (Dh519.2m).
As of December 31, 2014, the group had about $11 billion in total assets under management, including assets managed by third-party managers.
Investcorp, which also focuses on corporate investment and hedge funds, has a presence in New York, London, Saudi Arabia and Abu Dhabi.
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