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19 Sep 2007

MPC Samsara Hedge Fund Launch

The MPC Samsara Team announced the launch of a new hedge fund, the MPC Samsara Fund. The hedge fund will be run by Ajay Gambhir and he will follow the same successful strategy as the JPMorgan Europe Dynamic Long Short hedge fund of which Ajay was the sole portfolio manager.

This hedge fund returned, net of fees, 31.5% in 2005 and 40.2% in 2006. The Fund won the Eurohedge Best European Equities Hedge Fund 2006 award (under $500m) with a fund size of $400m (as at February 2007). Over the three years to end 2006 the Europe Dynamic Long Short hedge fund returned 104.7% with a sharpe ratio of 3.1.

MPC Samsara has a directional long short strategy with the ability to be net short of the market. Therefore it is able to vary its exposure to the market and thus profit even in poor stock market environments. Ajay will manage the hedge fund with precisely the same approach as he has used at JP Morgan which was bottom-up stock-picking fund with a top down overlay, using rigorous fundamental analysis and an active approach to stock selection.

Ajay was previously Managing Director and Head of the European High Alpha Team at JPMorgan Asset Management, running over $8bn of assets. Ajay himself personally managed $6bn of assets all of which was in either absolute return or unconstrained vehicles.

MPC Investors is an independent asset manager of both alternative and traditional assets for predominantly institutional clients across the world.

Middle East Hedge Fund Summit to Take Place In Bahrain

The third annual Middle East summit taking place on 5-7 th November at the Ritz-Carlton Hotel in Manama, is the first hedge fund specific event to take place in the Kingdom of Bahrain. Developed in close conjunction with event partners, Bahrain Financial Services Development (BFSD), part of the Economic Development Board, and global alternative asset manager Investcorp, the summit will attract major investors from across the GCC region, with leading fund managers from MENA, Europe, Asia and the US discussing innovative alternative investment strategies.

The hedge fund summit will focus on areas including the recent legislative developments in the region, an overview of its current hedge funds market, panel discussions on emerging markets, advice on how to successfully set up and market a hedge fund and case studies on the most effective investment strategies.

The summit, according to the announcement will also explore various strategies to overcome Shariah compliance in the rapidly growing Middle East market. "The hedge funds market in the Gulf region is set for a period of unprecedented growth," said Jane Dellar, managing director of the Bahrain Financial Services Development (BFSD).

"The recent revision of the collective investment undertakings by the CBB introduces an exempt fund category, enabling hedge funds and other alternative investments. This is yet another prime example of Bahrain's dominance in leading the region's funds development," she said.

Rasheed Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, will attend the inaugural session of the event.

Gary Long, Investcorp's Chief Operating Officer, said: "It is very appropriate for Investcorp to sponsor this event. Not only is it taking place in Bahrain , where Investcorp has such strong ties, but we have a ten-year track record of investing in hedge funds and with $6.4 billion in assets under management, Investcorp is one of the leading global players in this asset class."