Investcorp Appoints Savio Tung to Chief Executive Officer, North America
NEW YORK, Sept. 13, 2011 /PRNewswire/ -- Global alternative investment firm Investcorp today announced the appointment of Savio Tung as Chief Executive Officer, North America.
Savio Tung returns to a full time role at Investcorp, where he was one of the founding partners and served from 1984 until 2009, from 1995 until 2000 as Head of Corporate Investment, North America and from 2001 to 2009 as Head of Technology Investment. From 2009, Savio served as an advisor to Investcorp and as Chairman of its Technology Investment Committee, combining this with a number of board positions, including a role with Bank of China, Hong Kong Limited.
He re-joins as Investcorp, last month, reported profits of $140.3 million for its 2011 fiscal year ending June 30, 2011, an increase of 37% over the previous fiscal year. Investcorp's performance was driven by positive returns in each of its three asset classes of corporate investment, real estate investment and hedge funds and by strong fundraising in the Firm's traditional marketplace of the Arabian Gulf. During the year Investcorp made a number of notable corporate and real estate exits, including the sale of technical services group Moody International, and Investcorp and its funds made investments including Turkish agro trader Tiryaki Agro and online reservations provider eviivo.
Before joining Investcorp in 1984, Savio spent 11 years as a senior banker at Chase Manhattan Bank and worked in its offices in New York, Bahrain, Abu Dhabi and London. He played a significant part in establishing Chase's Bahrain office and marketing presence in the Gulf region.
Savio is a trustee emeritus of Columbia University and is a board member of the Columbia University Investment Management Company, an endowment of over $7 billion. He is a member of the Council on Foreign Relations and also serves as an independent non-executive director of Bank of China, Hong Kong Limited and as a director of Tech Data Corporation (NASDAQ: TECD).
Nemir A. Kirdar, Executive Chairman & CEO, said: "I am delighted that Savio has returned to Investcorp on a full time basis. His industry reputation and intimate knowledge of Investcorp's business will add substantially to our management strength as we continue the rebound in growth that was evidenced by our strong performance this past year. It has been twelve months marked by many achievements -- creative new investments, solid exits, continued improvements in the value of our portfolios and strong fundraising -- all confirmation of the strength and durability of our business model."
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and MENA, real estate investment in the US and global hedge funds. As at June 30, 2011, Investcorp had $11.8 billion in assets under management. Further information is available at www.investcorp.com.
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