Investcorp has announced the retirement of one of its co-chief investment officers, making the way for some changes on its executive team.
The alternative investment provider announced Monday that co-CEO Mohammed Al-Shroogi will retire as of August 2018, after nine years at the Bahrain-based firm. He will remain on as a senior advisor at Investcorp, which managed $22 billion in assets as of September 30, 2017.
“These appointments reflect the changing nature of our business as we become a bigger, more global, multi-asset class alternative asset manager,” Al-Shroogi said in a statement. “We are making excellent progress in the delivery of our growth strategy to better serve our clients on a global level and these changes align responsibilities with our strategic priorities.”
Hazem Ben-Gacem will step in as co-chief investment officer, according to the press release, and begin the leadership role when Al-Shrooi exits this summer. Ben-Gacem has been in charge of Investcorp’s European corporate investment team since 2012. Meanwhile, Rishi Kapoor will remain on as co-CEO with Ben-Gacem.
“The changes were in part catalyzed by Mohammed Al-Shroogi's intention to retire,” the press release stated.
Al-Shroogi, who joined in 2009, spearheaded Investcorp’s recovery following the financial crisis, according to a statement. His strategy was to strengthen Investcorp’s Gulf distribution franchise, which led to record levels of fundraising, Investcorp said. He had previously spent three decades at Citigroup.
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According to Investcorp’s website, Ben-Gacem serves on its operating committee, global corporate investment committee, European real estate investment committee, and its financial and risk management committee. He also serves on the boards of Italian luxury menswear Corneliani and the Norwegian telematics business Abax.
He has worked for the firm since 1994, starting out in Investcorp’s private equity group.
As a part of this transition, Daniel Lopez-Cruz, a longtime managing director of the European corporate investment team, will take over Ben-Gacem’s vacated role. Lopez-Cruz joined Investcorp in 2005, according to its website. Prior to taking on the role, he worked at Morgan Stanley in leveraged finance and high-yield deals.
A spokesperson for Investcorp declined to comment further on the changes.