The partnership with Washington Corner Capital Management will provide Investcorp clients with exclusive access to the increasingly attractive 'distressed' and credit markets through an experienced hedge fund manager.
Washington Corner Capital, a distressed and credit-based platform founded by Ed Banks, will benefit from a significant capital infusion as well as Investcorp's well- developed infrastructure, which provides institutional quality oversight.
"Today's partnership provides Investcorp clients access to Washington Corner Capital's impressive expertise in the distressed markets, an increasingly attractive sector, under the leadership of Ed Banks," said Investcorp managing director and co-head of asset management Deepak Gurnani.
"We greatly appreciate the opportunity to establish a long-term relationship with Investcorp," said Mr Banks, who is managing partner of Washington Corner Capital Management.
Remaining individuals named to the board from Caremark include Edwin Banks, founder of Washington Corner Capital
Management LLC; David Brown, chairman of Broad and Cassel; Kristen Gibney Williams, former executive of Caremark's prescription benefits management division; Roger Headrick, managing general partner of HMCH Ventures and president and CEO of ProtaTec International Inc.; Jean-Pierre Millon, former president and CEO of PCS Health Systems Inc.; and Lance Piccolo, CEO of HealthPic Consultants Inc.
The rectangular moulded-edge top is surmounted by a stepped back with flat capped corner capitals
, each with decorative panels and inset coloured glass "gems" and it has a central tabernacle surmounted by three gilt metal fleur-de-lys to the pediment above a well-painted blind Gothic arch and frieze.