Hank Murphy, principal of Investcorp’s hedge fund business in New York, has left the $9.4bn (€6.6bn) company. It is the second senior hedge fund departure in a year for the firm, which is listed in London and Bahrain. Ibrahim Gharghour, who was co-head of hedge funds, left at the start of 2009.

Investcorp's hedge fund assets more than halved from $7.9bn to $3.6bn in the year to end-June, contributing to the group reporting its first yearly loss on record.