Investcorp Bank, a Bahrain-based money manager, announced plans to reestablish its hedge fund and focus on its European real estate business. The news comes at the same time that its founder Nemir Kirdar said he will step down after 32 years with the company.

The new management team is focusing on boosting growth and building its asset holdings. Two months ago, the firm appointed Mohammed Al-Shroogi and Rishi Kapoor as co-chief executive officers. Bloomberg reports the appointments were part of a growing trend amongst wealthy Middle East families who are taking leadership roles as global and regional fund managers.

Investcorp’s hedge fund business currently manages $4.8 billion in assets, down from nearly $8 billion at the onset of the global financial crisis. “Four years ago was horrible and the team lost their confidence in terms of picking managers, in terms of investment analysis and the organization was bloated,” company CIO Savio Tung said. Tung is working diligently to cust costs and push the company’s product offerings beyond a its “fund-of-funds” model.