New York (HedgeCo.net) – Greatwater Investment Management, Inc. (GWIM) last year launched the Greatwater Fund, LP., whose unique strategy and philosophy focuses on risk adjusted returns in the emerging markets. In its first year, the Greatwater Fund gained 69.6%.
Domiciled in Delaware, the Greatwater Fund is hedged against market extremes in Latin America with a concentration of investments in the Central Pacific region of Costa Rica. With no lockup period, the hedge fund has monthly redemptions and subscriptions subject to cash flows and development schedule. The fund is expected to run for eight to ten years with distributions planned in year five.
With a minimum investment of $100,000, the 2% management fee, and 25% incentive fee are for retail investors, with institutional fees being adjusted based on investment size. The hedge fund focuses on asset management in the areas of global trends, real estate, marketing and management.
“Our unique marketing strategies have been so successful they we are working on what promises to be the countries most interesting and attractive adventure resort.” Richard Lackey, the hedge fund’s managing director, said, “Imagine taking jungle tours on a Segway, or riding a zip line through a cave or waterfall.”
One of the world’s leading talent agencies is now working with fund management on a reality TV show (non-scripted) featuring their global “eco-architect challenge” where architects and engineers from around the world will compete to design the ultimate luxury tree house. In addition to a stable of luxury tree houses, the resort promises to have luxury homes, jungle villas, lake front villas and a 5 star boutique hotel.
Several factors are keeping Costa Rica investments low risk and high return, ahead of most of their emerging market peers. The low cost of living, close proximity to the US, and democratic government are drawing second-home buyers and retirees to Costa Rica.
“Our strategies are working better than expected,” Lackey said, “Our first hotel has gone from a ranking of 48 out of 80 to number 1 in eighteen months, surpassing our five year expectations. I am even more confident now that this unique space will continue to offer a low volatility opportunity to fund of funds and others wanting exposure in Latin America.”
The Greatwater Fund hosts investor and advisor groups almost monthly at their hotel in Manuel Antonio, Costa Rica. They expect their fund to fully capitalized by mid-May 2010
7 Jan 2010
Ponta Negra Hedge Fund Manager Pleads Guilty
New York (HedgeCo.net) - Former Stamford hedge fund manager, Francesco Rusciano. waived his right to indictment and pleaded guilty today before US Judge Ellen Bree Burns in New Haven to one count of wire fraud.
According to court documents and statements made in court, from approximately March 2007 to April 2009, Rusciano operated a private investment fund, the Ponta Negra Fund I, LLC at his residence in Stamford. In approximately January 2009, he started the Ponta Negra Offshore Fund, LTD. Rusciano implied that the money invested in his hedge funds would be used for trading of spot, forwards, non-deliverable forwards, and options in G7 and emerging market economies.
In pleading guilty, he admitted that he defrauded investors by overstating his background and experience as a currency trader with his prior employer and by overstating his performance history.
Rusciano's investors placed approximately $24 million in principal with the hedge funds during their time of operation and, in turn, investors redeemed approximately $9 million before his scheme was discovered. At the time the Securities and Exchange Commission froze the assets of the Funds in April 2009, approximately $15 million remained in the Funds.
Judge Burns has scheduled sentencing for April 2, 2010, at which time Rusciano faces a maximum term of imprisonment of 20 years. The FBI arrested Rusciano at his residence on May 1, 2009. He has been released on bond under electronic monitoring since May 4th.
According to court documents and statements made in court, from approximately March 2007 to April 2009, Rusciano operated a private investment fund, the Ponta Negra Fund I, LLC at his residence in Stamford. In approximately January 2009, he started the Ponta Negra Offshore Fund, LTD. Rusciano implied that the money invested in his hedge funds would be used for trading of spot, forwards, non-deliverable forwards, and options in G7 and emerging market economies.
In pleading guilty, he admitted that he defrauded investors by overstating his background and experience as a currency trader with his prior employer and by overstating his performance history.
Rusciano's investors placed approximately $24 million in principal with the hedge funds during their time of operation and, in turn, investors redeemed approximately $9 million before his scheme was discovered. At the time the Securities and Exchange Commission froze the assets of the Funds in April 2009, approximately $15 million remained in the Funds.
Judge Burns has scheduled sentencing for April 2, 2010, at which time Rusciano faces a maximum term of imprisonment of 20 years. The FBI arrested Rusciano at his residence on May 1, 2009. He has been released on bond under electronic monitoring since May 4th.
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