Nemir Kirdar, one of the Middle East’s highest-profile investors, plans to step down from Investcorp, the Bahrain-based alternative investment firm that he founded 32 years ago.
Investcorp said yesterday that Mr Kirdar would retire as chief executive and executive chairman at the end of June, coinciding with the end of the fiscal year.
The board director Mohammed Al Ardhi will take over as executive chairman, while Mohammed Al Shroogi, the president of Gulf business, and Rishi Kapoor the chief financial officer, will be appointed as co-chief executives.
The appointments are subject to regulatory approval from the Central Bank of Bahrain.
Investcorp is one of the best-known private equity houses in the Middle East. Iraqi-born Mr Kirdar founded the company in 1982 as a conduit for Arabian Gulf investors interested in acquiring international assets. The firm quickly made a series of waves internationally with a string of American purchases including the jewellery firm Tiffany & Co, Gucci, Saks Fifth Ave and Circle K convenience stores.
The Bahrain-based institution has US$11.4 billion of assets under management and has posted an annual profit in all but one of its years of operation.
“I step down satisfied that Investcorp is now firmly established as a global financial institution,” Mr Kirdar said yesterday.
The issue of succession planning is a pressing one for larger businesses in the region as successful founders pass on the reins to a new generation.
jeverington@thenational.ae
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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