Investcorp, a global provider of alternative investment solutions, and Washington Corner Capital Management, a credit-based investment platform newly founded by Ed Banks, have announced a strategic partnership.
The partnership will provide Investcorp clients with access to the distressed and credit markets through an experienced hedge fund manager, while Washington Corner will receive a significant capital infusion while benefiting from Investcorp's infrastructure and institutional-quality oversight.
Investcorp looks to offer its clients access to emerging managers with experienced investment teams, to which it provides capital, access to its infrastructure platform, marketing support and client relationships.
Banks previously spent 18 years with WR Huff, which he saw grow from a small investment boutique into a leading multi-product asset manager. Banks, who was senior portfolio manager of high-yield accounts and chief investment officer of the Huff Alternative Fund, has been joined at Washington Corner by two other WR Huff veterans, Matt Swope and Michael Fisher.
'The partnership provides Investcorp clients with access to Washington Corner's impressive expertise in the distressed markets, an increasingly attractive sector, under the leadership of Ed Banks,' says Investcorp managing director and co-head of asset management Deepak Gurnani.
Banks says: 'We greatly appreciate the opportunity to establish a long-term relationship with Investcorp. Beyond providing Washington Corner with an important source of capital, Investcorp brings its strong infrastructure and robust risk analysis capabilities.'
Ibrahim Gharghour, also an Investcorp managing director and co-head of asset management, adds: 'Ed brings valuable experience in successfully investing in the distressed markets and finding ways to capitalise on market dislocations. This is the fifth partnership for Investcorp's single manager platform.'
Established this year in Florham Park, New Jersey, Washington Corner employs a variety of credit-based strategies to achieve superior risk-adjusted returns across the credit cycle, including distressed debt, special situation and relative value investing.
Investcorp's hedge funds team of more than 60 professionals oversees USD6bn in assets under management, of which USD2bn is proprietary capital. The firm has a 10-year track record of investing in hedge funds. Hank Murphy is the head of development for the single manager platform.
Founded in 1982 and with offices in New York, London and Bahrain, Investcorp is active in private equity, real estate, hedge funds, venture capital and Gulf growth capital, and currently has a total of more than USD13bn in assets under management.