Asset manager Investcorp has reported a loss of $165m for the financial year ended on 30 June, compared with a profit of $131m a year ago, driven by the negative effects of the Covid-19 pandemic, the firm said in a statement.

Fee income contracted 23% to $288m over the period, while total shareholders’ equity was down 24% to $867m. Similarly, total assets declined 10% to $2.1bn.