Mohammed Al Shroogi
Investcorp inks strategic deal with UK firm
Manama, April 4, 2014
Bahrain-based Investcorp's US-based hedge fund business and Eyck Capital Management (Eyck Capital), a London-based investment manager led by Khing Oei, have entered into a strategic relationship.
The partnership would work to provide Eyck Capital acceleration capital while offering Investcorp and its investors access to a specialised event-driven and distressed credit strategy spanning the European opportunity set, reported the Gulf Daily News, our sister publication.
Founded in 2013, Eyck Capital is the latest asset manager backed by Investcorp, which has more than $11 billion in client and proprietary assets under management.
Historically, Investcorp provides initial seed and acceleration capital ranging from $50 to $100 million.
"We are pleased to announce this strategic relationship with Eyck, which will provide our investors with access to an experienced specialised European event-driven and distressed credit manager," said Investcorp Gulf business president Mohammed Al Shroogi.
Eyck seeks to take advantage of opportunities within the capital structure of highly levered companies by investing in European special situations, distressed debt and stressed debt.
The firm's focus is on fundamental research-driven investments, long or short, at the liquid end of the European opportunity set, including bonds, credit default swap, loans and equities, principally with an event-driven approach.
"The market conditions in Europe provide significant opportunities for a manager with Eyck's expertise and strategy," Investcorp hedge funds group head and chief investment officer Lionel Erdely said.
"Eyck has the ability to allocate capital in multiple European jurisdictions, across the entire capital structure and in varying market environments."
Prior to founding Eyck Capital Management, Mr Oei was a managing principal and portfolio manager at Halcyon, a $13 billion multi-strategy hedge fund.
Based in London, he also served as an investment committee member of the firm's European credit platform, which he built and co-managed. Oei previously worked at Fortress and in Goldman Sachs' European Special Situations Group.
"Investcorp has an excellent track record of identifying high quality emerging managers," said Oei.
Their support is a strong validator of our investment approach to European opportunities.
"Investcorp's experience as a principal investor and seeder will allow us to deliver our strategy to a broader base of investors," he added. – TradeArabia News Service