Investcorp, an asset management firm specialising in alternative investments, said it is experiencing strong upward momentum following impressive results last fiscal year.

Addressing the company’s 27th annual general meeting today, Nemir A Kirdar, executive chairman and CEO, said: “Having made $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 the management has taken to reshape the firm to meet changing conditions and to exploit opportunities that are arising as the world economy resets itself, he said.

The AGM 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. – TradeArabia News Service