Investcorp, the asset management firm specialising in alternative investments, today held its 27th Annual General Meeting.
Nemir A. Kirdar, Executive Chairman & CEO, said: "Having made USD 102.2 million of profit for our 2010 fiscal year we have achieved an impressive and rapid rebound from the challenges of our last fiscal year, and we now have strong upward momentum as we move ahead. The past two years have seen unprecedented stress in global economies and financial markets, and our profitability this year proves the robustness of our business model and the enduring power of our Gulf franchise and relationships. This rebound also demonstrates the effectiveness of the bold and decisive action management has taken to reshape the Firm to meet changing conditions and to exploit opportunities that are arising as the world economy resets itself. It also shows the real difference Investcorp's market position and reputation can make in this more difficult investing environment as our clients recognize the pre-eminent importance of sound advice, first class service, transparency and clear alignment of interests."
This Annual General Meeting was held to approve, among other things, the Board of Directors' report, the auditors' report and the audited financial statements for the year ended June 30, 2010; the reappointment of Ernst & Young as the external auditors for Fiscal 2011; and the appointment of 14 members of the Board for a three-year term.