Investcorp, a global provider and manager of alternative investment products, announced on Tuesday that HDFC Chairman Deepak Parekh has been appointed to the company's international advisory board.
Parekh has played a significant role in the development of the financial sector in India, playing a leading role in the diversification of business into banking, asset management, insurance, real estate and education. He has been a leading advisor to the government of India and was an active member of the committees that shape policy in critical insurance, banking and infrastructure reforms.
Parekh began his career with Ernst & Young in New York and subsequently served senior positions in Grindlays Bank and Chase Manhattan Bank. He joined HDFC, India’s leading financial services conglomerate, in 1978 and has held several senior positions before being appointed as chairman in 1993.
Commenting on the appointment, Parekh said: “Investcorp is driving an ambitious phase of growth that is guided by a vision to transform itself into one of the world’s leading diversified global alternative asset managers. In a short period of time, the team has delivered a doubling of assets under management, broadened its investor base and expanded its product lines for its clients."
"I am truly excited to be joining the advisory board at this transformational time and look forward to working with the Investcorp management team and my fellow team members,” Parekh added.
Investcorp Executive Chairman Mohammed Alardhi said: “It is an honour to welcome Deepak onto our international advisory board. As someone who is globally recognised and deeply respected for his insights and guidance by both multinationals and policy makers, Deepak brings a new perspective that will only enhance our ability to become one of the world’s leading alternative asset managers.”
Parekh is also the non-executive chairman in India of Siemens, GlaxoSmithKline and BAE Systems India. He is involved in an advisory capacity for international organisations including, Indo US CEO Forum, City of London - Finance Committee, Indo-German Chamber of Commerce (IGCC) and India-UK Financial Partnership (IUKFP).
He has also received accolades like the Padma Bhushan in 2006, ‘Bundesverdienstkreuz’ - one of the highest distinction by the Federal Republic of Germany in 2014, 'Knight in the Order of the Legion of Honour,' one of the highest distinctions by the French Republic in 2010, and was the first international recipient of the 'Outstanding Achievement Award' by Institute of Chartered Accountants in England and Wales in 2010.
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The firm continues to focus on generating investor and shareholder value through a disciplined investment approach in four lines of business — corporate investment, real estate, alternative investment solutions and credit management.
As of June 30, 2017, Investcorp had $21.3 billion in total assets under management (AUM), including assets managed by third-party managers and assets subject to a nondiscretionary advisory mandate where Investcorp receives fees calculated on AUM basis.
Since its inception in 1982, Investcorp has made over 170 corporate investments in the US, Europe, West Asia and North Africa region, including Turkey. These investments range across several sectors, including retail and consumer products, technology, business services and industrials. In excess of $55 billion in transaction value, more than 450 commercial and residential real-estate investments have been made in the US.
Investcorp employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. It is publicly traded on the Bahrain Bourse (INVCORP).