RAB Capital has bought a stake in the A1 Grand Prix. The RAB Special Situations hedge fund, run by Philip Richards, has taken an 80% stake worth £100m. The fund has been known in the past for taking large positions in natural-resources firms.
According to The Times Online, as part of the deal, A1’s management will be restructured, Tony Teixeira will move up to chairman while Peter da Silva, Brazilian-born motor-racing fanatic who has spent 20 years at Siemens, has been appointed chief executive. Ben Hill of RAB will also join the board.
Philip Richards said A1, which was launched two years ago and pits nation against nation rather than team against team as in Formula One, represents an opportunity to make a lot of money in China. “Our focus has always been on western-owned and western-run companies that sell successfully to Asia.
"A1 fits with this. Motor racing is one of the fastest-growing sports in Asia, it is watched by both the elite and the masses. It is also the only single event that spans the region and so offers a unique advertising opportunity for global brands.” Richards said.
“We’ve made a fortune selling natural resources, copper, zinc, coal and so on, to the Chinese. This is the same: we’re selling motor racing to Asians, and with it the only event available for global brands to advertise across the continent in the context of a western company.”
11 Dec 2006
Gargoyle's flagship Hedge Fund Exceeds Forecast
Gargoyle Asset Management announced today that its flagship hedge fund, the Gargoyle Hedged Value Master Fund, has exceeded $200 million in assets under management.
This fund is designed to allow investors to participate in the large cap U.S. equity market with enhanced performance and lower risk. Since January 2000, this Fund has shown a cumulative return of 118%. During the same period, the S&P 500 is up 6%. The Gargoyle Hedged Value Funds’ results are driven by a relative value stock selection process tightly coupled to an index option writing strategy. The skillful blending of those components has provided a consistent edge for the Gargoyle funds in all market environments.
Joshua B. Parker and Alan L. Salzbank are the fund’s managers. Additionally, Mr. Parker is a partner in Gargoyle's sister business, one of the country's largest independent market makers for equity options.
The Gargoyle company philosophy endeavors to protect and to grow the treasure of its investing partners through the use and appropriate application of equity options. Their website states that when used properly, equity options, have the potential to enhance investment performance and simultaneously to reduce investment risk.
This fund is designed to allow investors to participate in the large cap U.S. equity market with enhanced performance and lower risk. Since January 2000, this Fund has shown a cumulative return of 118%. During the same period, the S&P 500 is up 6%. The Gargoyle Hedged Value Funds’ results are driven by a relative value stock selection process tightly coupled to an index option writing strategy. The skillful blending of those components has provided a consistent edge for the Gargoyle funds in all market environments.
Joshua B. Parker and Alan L. Salzbank are the fund’s managers. Additionally, Mr. Parker is a partner in Gargoyle's sister business, one of the country's largest independent market makers for equity options.
The Gargoyle company philosophy endeavors to protect and to grow the treasure of its investing partners through the use and appropriate application of equity options. Their website states that when used properly, equity options, have the potential to enhance investment performance and simultaneously to reduce investment risk.
BB&T Asset Management adds Hedge Funds to its Invesment Lineup
BB&T Asset Management, $15 billion investment adviser and subsidiary of BB&T Corporation, said they are now offering a broader range of alternative investment strategies to the bank's Wealth Management and Institutional Services clients.
These strategies will include hedge funds, private equity funds, private real estate funds, structured notes, commodity funds, covered call writing strategies, and multiple tax-efficient single-stock risk management strategies.
"We continue to develop our alternative investment services in order to meet the needs of our clients," said Shawn Gibson, director of Alternative Investments. "Research has shown that these asset classes can add significant diversification and performance benefits to investors, especially if they are invested with the top managers. And our platform includes some of the top alternative investment managers in the world, according to several industry experts."
BB&T Asset Management's Alternative Investment Group will be looking at high investment minimums strategies ranging from $1 million to $10 million, access to the top performing managers, and diversification among managers and strategies. The new lineup of products and services appeals to both conservative and aggressive investors," said BB&T Asset Management President Keith Karlawish.
"We are committed to building out our alternative investment capabilities and will continue to explore the various strategies that are available in the market," Karlawish said. "Our ability to offer these strategies allows us to deliver a complete menu of services and products to our clients."
Raleigh, N.C.-based BB&T Asset Management is a registered investment adviser and subsidiary of BB&T Corporation with more than $15 billion in discretionary assets under management.
Winston-Salem, N.C.-based BB&T Corporation has $118.5 billion in assets under management, BB&T operates more than 1,450 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.
These strategies will include hedge funds, private equity funds, private real estate funds, structured notes, commodity funds, covered call writing strategies, and multiple tax-efficient single-stock risk management strategies.
"We continue to develop our alternative investment services in order to meet the needs of our clients," said Shawn Gibson, director of Alternative Investments. "Research has shown that these asset classes can add significant diversification and performance benefits to investors, especially if they are invested with the top managers. And our platform includes some of the top alternative investment managers in the world, according to several industry experts."
BB&T Asset Management's Alternative Investment Group will be looking at high investment minimums strategies ranging from $1 million to $10 million, access to the top performing managers, and diversification among managers and strategies. The new lineup of products and services appeals to both conservative and aggressive investors," said BB&T Asset Management President Keith Karlawish.
"We are committed to building out our alternative investment capabilities and will continue to explore the various strategies that are available in the market," Karlawish said. "Our ability to offer these strategies allows us to deliver a complete menu of services and products to our clients."
Raleigh, N.C.-based BB&T Asset Management is a registered investment adviser and subsidiary of BB&T Corporation with more than $15 billion in discretionary assets under management.
Winston-Salem, N.C.-based BB&T Corporation has $118.5 billion in assets under management, BB&T operates more than 1,450 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.
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