Asset management firm Investcorp has attracted over $1 billion in allocations into its funds of hedge funds (FoHFs) from US institutional investors this year.

Investcorp announced it had picked up two mandates for managed accounts from large US institutions. The two accounts are worth a combined $310 million.

The latest mandates are from one of the US's largest listed insurers which is investing $250 million. The second is a large US pension plan investing $60 million.

Both managed accounts will invest in global macro hedge funds. The institutions were both existing Investcorp clients.

Investcorp has around $12 billion in assets under management (AUM) across all its investment portfolios, including $4 billion AUM in FoHFs. The hedge fund AUM includes $900 million of proprietary investment.

The company achieved returns of 12.3% in hedge fund investments during the second half of the financial year ending in June 2009, according to financial results released in August.

Investcorp is publicly traded on the Bahrain and London stock exchanges. It has offices in London, New York and Bahrain.