The sharp downturn in the bottom line performance is mainly a timing issue. The bank staged no exits from its portfolio of 25 private equity investments last year and fee generation from its three acquisitions was limited because they were staged towards the end of the year and were not fully placed with co-investors by the end of December. Investcorp’s three acquisitions last year were Aero Products, an air-filled products manufacturer, PlayPower, a supplier of children’s playground equipment, and MW Manufacturers, a window and patio door producer.

Investcorp’s balance sheet remains highly robust. Shareholders’ equity stood at $1,040 million at the end of last year .