Bahrain-based Investcorp has named Savio Tung chief executive officer, North America.
One of the founding partners of Investcorp, Tung left the alternatives group in 2009 but remained an advisor and chairman of its technology investment committee. From 1995 until 2000, he was head of corporate investment in North America. From 2001 to 2009, Tung held the position of head of technology investment.
He currently holds a board position with Bank of China, Hong Kong Limited. Prior to co-founding Investcorp in 1984, Tung spent 11 years as a senior banker at Chase Manhattan Bank.
Investcorp recorded approximately $140 million in profits for the 12-month period ending 30 June 2011, a 37 percent increase over the previous fiscal year. Notable exits this year include the £450 million (€522 million; $729 million) sale in March of Moody International, a provider of safety consulting and testing to industrial companies, which generated a 3x return multiple.
Investcorp’s private equity activity focuses on investments in the mature markets of Western Europe and North America through offices in London and New York. The firm arranges acquisitions that are distributed to its network of high net worth and institutional investors in the Gulf.
The firm has five main businesses: private equity, hedge funds, real estate, technology and Gulf growth capital.