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Abu Dhabi, UAESaturday 20 October 2018

Investcorp adds UK's former Defense Secretary to advisory board

Sir Michael Fallon will advise the rapidly expanding company on global growth strategy 

Sir Michael Fallon, former UK defense secretary, will advise Investcorp on its global growth strategy. AFP
Sir Michael Fallon, former UK defense secretary, will advise Investcorp on its global growth strategy. AFP

Bahrain’s Investcorp, an alternative investment management firm that counts Mubadala Investment Company as its biggest shareholder, added Sir Michael Fallon, UK’s former Secretary of State for Defense, to the its international advisory board.

Mr Fallon, who served as British member of Parliament for more than three decades, will advise the company on its global growth strategy.

“As we continue to grow as a global firm, seeking relevant counsel to bring fresh new perspectives to our business is essential,” Mohammed Alardhi, executive chairman of Investcorp, said on Monday. “Our international advisory board consists of some of the best minds around the world providing us with guidance on emerging business and policy issues globally.”

Mr Fallon has held a number of senior governmental positions, besides serving as defense secretary from 2014 to 2017, a role which involved overall responsibility for the British armed forces and managing a £35 billion (Dh168bn) annual budget. He also served as schools’ minister under both Margaret Thatcher and John Major governments and business and energy minister under David Cameron’s administration.

“Investcorp has established itself as a leader in the global alternative investment sector. Its commitment to expanding its global footprint and broadening its product offering will catalyse future growth,” Mr Fallon said.

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The Bahrain-listed Investcorp, last week announced an investment of up to $250 million (Dh918.1m) in the Chinese market, its first foray into the world's second biggest economy, as it looks to expand its portfolio globally.

Investcorp partnered with China Everbright, a sovereign-backed asset manager that is publicly listed on the Hong Kong Stock Exchange, to invest up to $150m in the second round of the China Everbright Limited New Economy Fund. The Bahraini firm also agreed to an additional co-investment right of up to $100m.

Investcorp - in which Abu Dhabi’s investment firm Mubadala has a 20 per cent stake - is on an acquisition spree to nearly double its assets under management to reach $50bn in the medium-term from $22.6bn at the end of June.

The company earlier this month acquired a minority stake in Swiss-regulated Banque Paris Bertrand Sturdza for an undisclosed sum. It also purchased its largest US warehouse portfolio, for approximately $300m in a single transaction.