The Board of Directors of Biomet Inc. announced that it has unanimously recommended to shareholders to accept an increased offer from hedge funds in a private equity consortium to acquire Biomet for $46.00 per share in cash, or an equity value of $11.4 billion.
Under the terms of the revised merger agreement, the consortium, which includes affiliates of hedge fund investor Blackstone Group, Goldman Sachs Capital Partners, private buyout firm Kohlberg Kravis Roberts & Co. and $30 billion hedge fund TPG, will commence a tender offer on or before June 14, 2007, to acquire all of the outstanding shares of Biomet's common stock.
The $46.00 per share offer price represents a premium of 32.3% over the closing price of Biomet's common stock on April 3, 2006, the trading day prior to public speculation that the company was exploring strategic alternatives. Biomet subsequently confirmed on April 6, 2006 that it had retained Morgan Stanley to assist it in exploring strategic alternatives.
In a statement, the hedge fund/buyout group said, "We are pleased that the consortium will be in a position to provide the company with financial and operational resources to support its future growth."
Biomet, Inc. and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in more than 100 countries.
The Blackstone Group's alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds.
Kohlberg Kravis Roberts & Co. is one of the world's oldest and most experienced private equity firms specializing in management buyouts. Over the past 30 years, KKR has completed over 150 transactions with a total value of over US$279 billion.
TPG is a private investment partnership that was founded in 1992 and currently has more than $30 billion under management. The firm has offices in San Francisco, London, Hong Kong, Fort Worth and other locations globally.
8 Jun 2007
Kassirer Hedge Funds Up for May
Canadian hedge fund Kassirer Market Neutral Limited Partnership announced today that earnings were up 1.08% in May 2007.
"Deal flow remains buoyant reflecting low interest rates, low debt default rates, easy financing, and the ubiquitous private equity buyers." Mark Kassirer, CEO of the hedge fund said.
"Competition for assets in this environment has been heated, and bumps on deals are more common now than at any time since the inception of our fund."
The hedge fund profited from a broadly diversified portfolio of merger arbitrage and special situations positions. The fund has maintained a relatively defensive stance and has historic volatility of half the volatility of bonds and one sixth of the volatility of equities, according to Kassirer.
"Deal flow remains buoyant reflecting low interest rates, low debt default rates, easy financing, and the ubiquitous private equity buyers." Mark Kassirer, CEO of the hedge fund said.
"Competition for assets in this environment has been heated, and bumps on deals are more common now than at any time since the inception of our fund."
The hedge fund profited from a broadly diversified portfolio of merger arbitrage and special situations positions. The fund has maintained a relatively defensive stance and has historic volatility of half the volatility of bonds and one sixth of the volatility of equities, according to Kassirer.
6 Jun 2007
Skylight Comes In At #1 For Real Estate Hedge Funds
Pacific Continental Fund Management’s Skylight Capital Build-Up fund has come first in a ranking of real estate hedge funds for Sharpe ratio over the past 36 months and third for compound annual return.
The Barclay Group’s findings prove that Skylight is one of the highest performing and consistent real estate hedge funds. Skylight reported returns of 1.05% for the April trading period and 69.49% culminative growth to date.
Pacific Continental Fund Management have said that these returns have provided investors with growth equal to around double that of the underlying housing market in the fund’s target area of the North.
Peter Phelan, hedge fund manager at Pacific Continental Fund Management, says: "Skylight’s ability to add value while minimizing risk and volatility continues to attract investors. The continued shortfall of new build properties and increased demand from the buy-to-let investor sector support the fund’s strategy."
The main objective of the Skylight Capital Build-Up Fund is to achieve medium to long term capital appreciation by investing in distressed residential properties in the UK.
Skylight Capital Build-Up Fund invests in residential property in the north of England, the hedge fund strategy focuses primarily on buy-to-let in the first time buyer sector of the market. Current assets under management are £34.18 million ($68 million).
The Barclay Group’s findings prove that Skylight is one of the highest performing and consistent real estate hedge funds. Skylight reported returns of 1.05% for the April trading period and 69.49% culminative growth to date.
Pacific Continental Fund Management have said that these returns have provided investors with growth equal to around double that of the underlying housing market in the fund’s target area of the North.
Peter Phelan, hedge fund manager at Pacific Continental Fund Management, says: "Skylight’s ability to add value while minimizing risk and volatility continues to attract investors. The continued shortfall of new build properties and increased demand from the buy-to-let investor sector support the fund’s strategy."
The main objective of the Skylight Capital Build-Up Fund is to achieve medium to long term capital appreciation by investing in distressed residential properties in the UK.
Skylight Capital Build-Up Fund invests in residential property in the north of England, the hedge fund strategy focuses primarily on buy-to-let in the first time buyer sector of the market. Current assets under management are £34.18 million ($68 million).
Hedge Funds Investing in China's Energy Crisis
According to an 18-month investigation by StockInterview's research team, China is facing an energy crisis of epic proportions. Hedge funds such as SAC Capital, Citadel Associates and Renaissance Technologies have bought shares in companies which are trying to help China overcome its energy crisis.
StockInterview's new publication, "Investing in China's Energy Crisis." reports that China's steel industry is growing at a level not seen since the European and North American industrialization era of 1875-1900 and far greater than the post-war reconstruction of 1950 - 1970. For example, China is producing 34% of the world's steel.
China's cities are being built at an unimaginable rate. About 3,000 new automobiles are hitting the streets every day. China consumes 44% of the world's iron ore mined, 25% of the world's aluminum and 20% of the world's copper production.
For this massive production, China needs energy. Yet in January, the country began importing coal for the first time in its history. It is also the world's largest producer and consumer of coal.
With every new energy discovery, the find is immediately earmarked for new production facilities. The natural gas from a recent discovery of 3.8 trillion cubic meters in northeastern Sichuan Province was instantly assigned to continue fueling new and existing smelters.
Top money managers such as Warren Buffet and Eric Sprott have already invested in these China-energy companies according to the report.
Stockinterview.com is a financial online news service, primarily reporting on uranium market news and the nuclear fuel cycle. StockInterview has also become highly visited for its research throughout the energy sector.
StockInterview's new publication, "Investing in China's Energy Crisis." reports that China's steel industry is growing at a level not seen since the European and North American industrialization era of 1875-1900 and far greater than the post-war reconstruction of 1950 - 1970. For example, China is producing 34% of the world's steel.
China's cities are being built at an unimaginable rate. About 3,000 new automobiles are hitting the streets every day. China consumes 44% of the world's iron ore mined, 25% of the world's aluminum and 20% of the world's copper production.
For this massive production, China needs energy. Yet in January, the country began importing coal for the first time in its history. It is also the world's largest producer and consumer of coal.
With every new energy discovery, the find is immediately earmarked for new production facilities. The natural gas from a recent discovery of 3.8 trillion cubic meters in northeastern Sichuan Province was instantly assigned to continue fueling new and existing smelters.
Top money managers such as Warren Buffet and Eric Sprott have already invested in these China-energy companies according to the report.
Stockinterview.com is a financial online news service, primarily reporting on uranium market news and the nuclear fuel cycle. StockInterview has also become highly visited for its research throughout the energy sector.
5 Jun 2007
Disclosure Advisory Board Speaks Out On Hedge Fund Secrecy
In a newly published white paper by the Disclosure Advisory Board, "Shareholder ID: The Resounding Silence of Non-Disclosure," the Board calls for investors to reveal their identities and for regulators to re-examine existing shareholder disclosure rules, that have now been outdated by new derivative investments.
Further, the Board contends that lack of shareholder identity disclosure is negatively affecting the U.S. capital markets by making companies susceptible to the agenda of hedge funds and other short-term holders.
The Disclosure Advisory Board is a 15 person council of leaders in the corporate, regulatory, investor, reporting and academic communities organized by PR Newswire. The white paper, the second in a series from the Disclosure Advisory Board, was published in conjunction with the largest gathering of investor relations professionals at the National Investor Relations Institute's (NIRI) annual conference in Orlando, FL, June 3-6.
"Vibrant equity markets depend on the active participation of investors. However, certain practices in the U.S. send mixed signals and put many investors at a disadvantage," said Mark Hynes, chairman and spokesperson of the Disclosure Advisory Board, and managing director of Global Investor Relations Services for PR Newswire. "Non-disclosure on the part of investors is not just an issue for public companies. It creates a disorderly market for all parties involved.
"Yet it is the company that bears most of the risk. Lack of investor information exposes shares to potential price manipulation from unknown holders with unknown intentions, increasing a company's vulnerability to takeovers and proxy fights. This cloak of investor secrecy also makes companies susceptible to the agenda of hedge funds and other short-term holders who may provoke actions not favorable to longer-term business objectives."
Hynes concluded, "The U.S. shareholder identity problem calls for immediate action. Shareholder non-disclosure is creating a disorderly market in the U.S., making it less attractive than investment venues in other parts of the world. It is time for undisclosed shareholders to break their silence and announce who they are. Collective silence on this matter is no longer an option."
Further, the Board contends that lack of shareholder identity disclosure is negatively affecting the U.S. capital markets by making companies susceptible to the agenda of hedge funds and other short-term holders.
The Disclosure Advisory Board is a 15 person council of leaders in the corporate, regulatory, investor, reporting and academic communities organized by PR Newswire. The white paper, the second in a series from the Disclosure Advisory Board, was published in conjunction with the largest gathering of investor relations professionals at the National Investor Relations Institute's (NIRI) annual conference in Orlando, FL, June 3-6.
"Vibrant equity markets depend on the active participation of investors. However, certain practices in the U.S. send mixed signals and put many investors at a disadvantage," said Mark Hynes, chairman and spokesperson of the Disclosure Advisory Board, and managing director of Global Investor Relations Services for PR Newswire. "Non-disclosure on the part of investors is not just an issue for public companies. It creates a disorderly market for all parties involved.
"Yet it is the company that bears most of the risk. Lack of investor information exposes shares to potential price manipulation from unknown holders with unknown intentions, increasing a company's vulnerability to takeovers and proxy fights. This cloak of investor secrecy also makes companies susceptible to the agenda of hedge funds and other short-term holders who may provoke actions not favorable to longer-term business objectives."
Hynes concluded, "The U.S. shareholder identity problem calls for immediate action. Shareholder non-disclosure is creating a disorderly market in the U.S., making it less attractive than investment venues in other parts of the world. It is time for undisclosed shareholders to break their silence and announce who they are. Collective silence on this matter is no longer an option."
100 Women In Hedge Funds Partners With DataArt
100 Women in Hedge Funds announced that they have partnered with DataArt to update and automate their existing email systems, which were no longer capable of efficiently managing communications to the organization’s 6000 global members. The new system optimizes the functionality of existing mailing and communication structures, making the sophisticated workings of the database manageable and user friendly.
Amanda Pullinger, Executive Director of 100 Women in Hedge Funds said, “As 100 Women in Hedge Funds grows, we need to rely more heavily on technology-based solutions for appropriate and efficient communications. Partnering with DataArt to upgrade our email system was the first step to improve targeted communication to our 6,000 members.”
“For a decade, DataArt has been helping leading financial institutions and financial technology firms eliminate technology execution risks and streamline their business communication processes,” said Vica Vinogradova, Vice President of Corporate Communications at DataArt and a member of 100 Women in Hedge Funds. “We are happy to have been of assistance to 100 Women in Hedge Funds in their efforts to strengthen their membership communications infrastructure.”
100 Women in Hedge Funds serves over 6,000 alternative investment management investors and practitioners through unique educational, professional development, networking and philanthropic initiatives. Since its first session in 2002, 100 Women in Hedge Funds has hosted more than 100 events globally, connected more than 150 senior women through their Peer Advisory Councils and raised in excess of $10 million for philanthropic causes in the areas of women's health, education and mentoring.
Amanda Pullinger, Executive Director of 100 Women in Hedge Funds said, “As 100 Women in Hedge Funds grows, we need to rely more heavily on technology-based solutions for appropriate and efficient communications. Partnering with DataArt to upgrade our email system was the first step to improve targeted communication to our 6,000 members.”
“For a decade, DataArt has been helping leading financial institutions and financial technology firms eliminate technology execution risks and streamline their business communication processes,” said Vica Vinogradova, Vice President of Corporate Communications at DataArt and a member of 100 Women in Hedge Funds. “We are happy to have been of assistance to 100 Women in Hedge Funds in their efforts to strengthen their membership communications infrastructure.”
100 Women in Hedge Funds serves over 6,000 alternative investment management investors and practitioners through unique educational, professional development, networking and philanthropic initiatives. Since its first session in 2002, 100 Women in Hedge Funds has hosted more than 100 events globally, connected more than 150 senior women through their Peer Advisory Councils and raised in excess of $10 million for philanthropic causes in the areas of women's health, education and mentoring.
4 Jun 2007
Hedge Fund Platform Wins Laureate Award
Hedge fund platform, Logical Information Machines Inc.(LIM) has been recognized as a Laureate by the Computerworld Honors Program for Case Study Historis. This year's Honorees will be commemorated this evening at the 19th Annual Laureates Medal Ceremony & Gala Awards 2007 at the Andrew W. Mellon Auditorium in Washington, D.C.
Computerworld Honors acknowledges individuals and organizations that have used information technology to benefit society. Each year, members of the Chairmen's Committee, a group of 100 Chairmen/CEOs of global technology companies, nominates individuals and organizations around the world whose visionary applications of information technology promote positive social and economic progress.
"We are honored to accept the Laureate Award from the respected publication Computerworld for the Case Study Historis," said Tony Kolton, LIM President and CEO. "We are glad to be recognized amongst all others whose visionary applications of information technology promote positive social and economic progress."
LIM's clients are among the world's largest hedge funds, mutual funds, banks and energy concerns. The firm was named 'Data Management Provider of the Year' by Energy Risk Magazine and was recently awarded "Best of the Web" by Forbes magazine for stock market research. Founded in 1988, LIM is headquartered in Chicago with offices in Austin, New York, London and Singapore.
The LIM Historis Server was chosen for its innovative application. Historis, unlike relational databases that utilize tables, stores data as defined series upon which advanced proprietary compression algorithms are used.
"Each Laureate selected for this honor understands the importance of using one's resources and technical prowess to benefit one's fellow man," said Bob Carrigan, Chairman of the Computerworld Honors Program Chairmen's Committee and President, IDG Communications.
Computerworld Honors acknowledges individuals and organizations that have used information technology to benefit society. Each year, members of the Chairmen's Committee, a group of 100 Chairmen/CEOs of global technology companies, nominates individuals and organizations around the world whose visionary applications of information technology promote positive social and economic progress.
"We are honored to accept the Laureate Award from the respected publication Computerworld for the Case Study Historis," said Tony Kolton, LIM President and CEO. "We are glad to be recognized amongst all others whose visionary applications of information technology promote positive social and economic progress."
LIM's clients are among the world's largest hedge funds, mutual funds, banks and energy concerns. The firm was named 'Data Management Provider of the Year' by Energy Risk Magazine and was recently awarded "Best of the Web" by Forbes magazine for stock market research. Founded in 1988, LIM is headquartered in Chicago with offices in Austin, New York, London and Singapore.
The LIM Historis Server was chosen for its innovative application. Historis, unlike relational databases that utilize tables, stores data as defined series upon which advanced proprietary compression algorithms are used.
"Each Laureate selected for this honor understands the importance of using one's resources and technical prowess to benefit one's fellow man," said Bob Carrigan, Chairman of the Computerworld Honors Program Chairmen's Committee and President, IDG Communications.
Tycoon Launches Private Russian Fund
Russia’s tycoon Mikhail Prokhorov announced the creation of a new private investment fund based on his assets, the ONEXIM Group. The worth of new undertaking exceeds $17 billion, and a stake of 22-percent in GMK Norilsk Nickel is its major asset.
Dmitry Razumov, who had been Prokhorov’s deputy for strategy and M&A in Norilsk Nickel till 2005 will be ONEXIM Group’s General Director and Potanin's partner. Together they plan on reaching $30-billion capitalization in five years.
ONEXIM Group was named after a bank, the starting point for Potanin and Prokhorov in early 1990. "Despite the attempts to declare ONEXIM bankrupt, it met all commitments to creditors," Prokhorov clarified implication of the new undertaking’s name.
ONEXIM’s emergence actually completes the split of Interros assets between Mikhail Prokhorov and Vladimir Potanin. The partners, however, no longer say that Potanin will buy out Prokhorov’s stake in Norilsk Nickel, although exactly this deal has been viewed the milestone in the friendly division of assets.
"We stake on the projects, where Russia has objective competitive advantage. Our experience, analysis of the market and of development trends of Russia’s and world economies convince us that innovation and high-tech projects are the most promising," Prokhorov said when presenting Onexim Group.
Dmitry Razumov, who had been Prokhorov’s deputy for strategy and M&A in Norilsk Nickel till 2005 will be ONEXIM Group’s General Director and Potanin's partner. Together they plan on reaching $30-billion capitalization in five years.
ONEXIM Group was named after a bank, the starting point for Potanin and Prokhorov in early 1990. "Despite the attempts to declare ONEXIM bankrupt, it met all commitments to creditors," Prokhorov clarified implication of the new undertaking’s name.
ONEXIM’s emergence actually completes the split of Interros assets between Mikhail Prokhorov and Vladimir Potanin. The partners, however, no longer say that Potanin will buy out Prokhorov’s stake in Norilsk Nickel, although exactly this deal has been viewed the milestone in the friendly division of assets.
"We stake on the projects, where Russia has objective competitive advantage. Our experience, analysis of the market and of development trends of Russia’s and world economies convince us that innovation and high-tech projects are the most promising," Prokhorov said when presenting Onexim Group.
1 Jun 2007
Creidian Buyout By Activist Firms
Private activist buyout firm, Thomas H. Lee Partners L.P. (THL) and Insurance company, Fidelity National Financial, Inc. (FNF) announced that they have entered into a merger agreement under which Ceridian Corp. will be jointly acquired in an all cash transaction valued at approximately $5.3 billion. The announcement concludes Ceridian's previously announced exploration of strategic alternatives.
"The primary goal of the review of strategic alternatives that we announced on February 13, 2007, was to maximize value for our shareholders," said L. White Matthews, III, Chairman of Ceridian.
"We are very excited about our investment in Ceridian," said FNF Chairman and Chief Executive Officer William P. Foley, II. FNF has a track record of managing business acquisitions. In 2003 FNF bought Alltel Information Services, under similar circumstances and used it as the cornerstone in building what is now Fidelity National Information Services, a nearly $10 billion market cap company.
THL Partners and FNF expect to bring co-investors into the transaction. FNF will own less than 50% of Ceridian at closing and will treat the Ceridian investment under the equity method of accounting for financial statement purposes, similar to its minority ownership stake in Sedgwick CMS, and will not consolidate the financial results of Ceridian.
Under the terms of the agreement, Ceridian shareholders will receive $36.00 per share in cash for each share of common stock they hold. The transaction will be presented to Ceridian shareholders for approval at Ceridian's Annual Meeting no later than September 21, 2007.
THL Partners is a successful private equity investment firm with approximately $20 billion of committed capital. FNF is a provider of title insurance, specialty insurance and claims management services, who with their underwriters cover approximately 29% of all title insurance policies in the United States.
"The primary goal of the review of strategic alternatives that we announced on February 13, 2007, was to maximize value for our shareholders," said L. White Matthews, III, Chairman of Ceridian.
"We are very excited about our investment in Ceridian," said FNF Chairman and Chief Executive Officer William P. Foley, II. FNF has a track record of managing business acquisitions. In 2003 FNF bought Alltel Information Services, under similar circumstances and used it as the cornerstone in building what is now Fidelity National Information Services, a nearly $10 billion market cap company.
THL Partners and FNF expect to bring co-investors into the transaction. FNF will own less than 50% of Ceridian at closing and will treat the Ceridian investment under the equity method of accounting for financial statement purposes, similar to its minority ownership stake in Sedgwick CMS, and will not consolidate the financial results of Ceridian.
Under the terms of the agreement, Ceridian shareholders will receive $36.00 per share in cash for each share of common stock they hold. The transaction will be presented to Ceridian shareholders for approval at Ceridian's Annual Meeting no later than September 21, 2007.
THL Partners is a successful private equity investment firm with approximately $20 billion of committed capital. FNF is a provider of title insurance, specialty insurance and claims management services, who with their underwriters cover approximately 29% of all title insurance policies in the United States.
Hedge Fund Investor Signs On With GHG Emmission Abatement Program
Hedge fund investor AIG Capital Partners announced they have agreed to become significant investors in London-based Sindicatum Carbon Capital Ltd, a principal financier/developer of green house gas (GHG) abatement projects globally. AIG joins Sindicatum Carbon's existing strategic shareholders, including Citi.
The GHG reduction sector has seen an explosive growth over the past two years. Sindicatum Carbon Capital has acquired a portfolio of project development rights and core technologies, and it has established technical relationships in its key areas of expertise.
Scott Foushee, Managing Director, AIG Capital Partners, said, "We are attracted by the rapidly growing carbon credit markets and how SCC's management team is uniquely positioned to capitalize on this opportunity. The investment in Sindicatum Carbon Capital reflects Global Investment Group's strong interest in the emerging carbon market and sustainability programs that help mitigate global greenhouse gas emissions."
Sindicatum Carbon Capital is a specialist climate mitigation company using capital and technology to convert GHG emissions into long-term sources of revenue in what has become a major new global market, that of environmental and greenhouse gas emission reductions. They will use the new capital to accelerate the development of its GHG reduction projects and investment in new and emerging technologies.
AIG Capital Partners is a member company of AIG Global Investment Group, who has more than us $687 billion in assets and has capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate.
The GHG reduction sector has seen an explosive growth over the past two years. Sindicatum Carbon Capital has acquired a portfolio of project development rights and core technologies, and it has established technical relationships in its key areas of expertise.
Scott Foushee, Managing Director, AIG Capital Partners, said, "We are attracted by the rapidly growing carbon credit markets and how SCC's management team is uniquely positioned to capitalize on this opportunity. The investment in Sindicatum Carbon Capital reflects Global Investment Group's strong interest in the emerging carbon market and sustainability programs that help mitigate global greenhouse gas emissions."
Sindicatum Carbon Capital is a specialist climate mitigation company using capital and technology to convert GHG emissions into long-term sources of revenue in what has become a major new global market, that of environmental and greenhouse gas emission reductions. They will use the new capital to accelerate the development of its GHG reduction projects and investment in new and emerging technologies.
AIG Capital Partners is a member company of AIG Global Investment Group, who has more than us $687 billion in assets and has capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate.
31 May 2007
Alternative Investor Sounds an Alarm On Smaller Mining Operators
In a report published on the 29th of May 2007, alternative investor F&C outlined the risks to mining companies from failure to apply environmental, social and governance (ESG) practices to their independently-managed operations.
According to Karina Litvack, Head of the Governance and Sustainable Investment team at F&C, although most major mining companies have recognized that effective management of these risks is crucial to the long-term success of their business, they have not consistently applied the same policies to their joint-ventures and other partial investments.
"Over the last few years, we have become aware of the gap between what mining companies do in-house in terms of ESG best practices and what they do, or don't do, in to their so-called 'independently managed operations'. Whilst many of these companies have led the way when it comes to their in-house operations, the same cannot be said of the independently-managed operators with which they are increasingly involved.
The report highlights how rising demand for ever-scarcer resources is driving mining companies to turn to exploration projects that are increasingly located in high-risk areas, such as the former Soviet Union, Latin America and Africa.
It is the inherently risky nature of these locations that often prompts the majors to outsource these projects to smaller or more nimble partners. Later on, if and when the assets prove very profitable, the majors will often buy out their junior partners.
F&C is a European investment group whose hedge fund holding company, F&C Asset Management's shares are quoted on the London Stock Exchange. The fund has €151.4 billion ($299 billion) under management (as at 31 March 2007), and offices throughout Europe.
According to Karina Litvack, Head of the Governance and Sustainable Investment team at F&C, although most major mining companies have recognized that effective management of these risks is crucial to the long-term success of their business, they have not consistently applied the same policies to their joint-ventures and other partial investments.
"Over the last few years, we have become aware of the gap between what mining companies do in-house in terms of ESG best practices and what they do, or don't do, in to their so-called 'independently managed operations'. Whilst many of these companies have led the way when it comes to their in-house operations, the same cannot be said of the independently-managed operators with which they are increasingly involved.
The report highlights how rising demand for ever-scarcer resources is driving mining companies to turn to exploration projects that are increasingly located in high-risk areas, such as the former Soviet Union, Latin America and Africa.
It is the inherently risky nature of these locations that often prompts the majors to outsource these projects to smaller or more nimble partners. Later on, if and when the assets prove very profitable, the majors will often buy out their junior partners.
F&C is a European investment group whose hedge fund holding company, F&C Asset Management's shares are quoted on the London Stock Exchange. The fund has €151.4 billion ($299 billion) under management (as at 31 March 2007), and offices throughout Europe.
30 May 2007
Hedge Fund Gala Raises $५१.ॠMillion For Children
This year's ARK (Absolute Return for Kids) 2007 Gala Dinner at Marlborough House on Pall Mall, London had a spectacular light, video and laser show, with Prince as the main act, many companies pitched in to raise an amazing £26.2 million ($51.7 million) for the charity. The event was set up by the hedge fund industry to raise money for children affected by poverty, abuse, disability and illness.
The event was produced by Starlight Design and attended by a star studded guest list of over 1000 including Bill Clinton, Madonna, Sir Bob Geldof, David Bailey, Liz Hurley and many more.
During the dinner, the ARK charity organization announced the launch of the Clinton-ARK Initiative for Mozambique, through a strategic partnership with the Clinton Foundation HIV/AIDS Initiative (CHAI). The partnership will support the delivery of rapid and high quality care and treatment for HIV/AIDS sufferers in Mozambique.
On the main stage were 35 square meters of visuals, flown over the stage, showing images and moving footage created and edited specially for the event. One of the evening’s highlights was the screening of a hard-hitting film illustrating the work performed by ARK workers worldwide over the last 12 months, underlining the issues the organization is trying to address. The hedge fund team pulled no punches in order to energize the wealthy and fortunate to be generous in their donations.
Renowned visual designer/video artist Gary Oldknow of Deepvisual was commissioned by CMT to VJ for the evening, He created an exciting organic style collage of interesting abstract images on the LED screen.
Creative Media Techniques (CMT) supplied video and image based services and lasers for the last effect the guest saw when leaving, the total money, £ 26.6 million ($51.7 million)– raised by the event from tickets, lasered on the ceiling. The event was sponsored by Bloomberg, UBS, Merril Lynch, BlueCrest and a charity auction that alone brought in over £4 million.
Tim Fothergill says: “The ARK event is a show that, despite being draining physically, mentally, and emotionally, gives the greatest feeling of being a part of something so important to those less fortunate in the UK and around the world. Our team are proud to be a part of it and put in an incredible amount of work to make it all happen in seemingly impossible timescales.”
The event was produced by Starlight Design and attended by a star studded guest list of over 1000 including Bill Clinton, Madonna, Sir Bob Geldof, David Bailey, Liz Hurley and many more.
During the dinner, the ARK charity organization announced the launch of the Clinton-ARK Initiative for Mozambique, through a strategic partnership with the Clinton Foundation HIV/AIDS Initiative (CHAI). The partnership will support the delivery of rapid and high quality care and treatment for HIV/AIDS sufferers in Mozambique.
On the main stage were 35 square meters of visuals, flown over the stage, showing images and moving footage created and edited specially for the event. One of the evening’s highlights was the screening of a hard-hitting film illustrating the work performed by ARK workers worldwide over the last 12 months, underlining the issues the organization is trying to address. The hedge fund team pulled no punches in order to energize the wealthy and fortunate to be generous in their donations.
Renowned visual designer/video artist Gary Oldknow of Deepvisual was commissioned by CMT to VJ for the evening, He created an exciting organic style collage of interesting abstract images on the LED screen.
Creative Media Techniques (CMT) supplied video and image based services and lasers for the last effect the guest saw when leaving, the total money, £ 26.6 million ($51.7 million)– raised by the event from tickets, lasered on the ceiling. The event was sponsored by Bloomberg, UBS, Merril Lynch, BlueCrest and a charity auction that alone brought in over £4 million.
Tim Fothergill says: “The ARK event is a show that, despite being draining physically, mentally, and emotionally, gives the greatest feeling of being a part of something so important to those less fortunate in the UK and around the world. Our team are proud to be a part of it and put in an incredible amount of work to make it all happen in seemingly impossible timescales.”
Hedge Fund Managers Launch Artemis Capital Partners
Don Kurz and Salomon Konig have announced the launch of Artemis Capital Partners LLC, a hedge fund formed to offer structured products designed to deliver significant portfolio diversification and exceptional risk-adjusted returns, according to a press release today.
Artemis combines a proprietary, quantitative investment selection process with broad diversification to meet the objective of preserving wealth in times of extreme event risk while maintaining the ability to achieve strong risk-adjusted returns. Its investment thesis was developed over a two-year period and extensively tested in a 12-year blind test (1995-2006).
“We understand the world doesn’t need more ‘me-too’ alternative investment vehicles. We believe, however, that the market is seeking a market-neutral vehicle that delivers true portfolio diversification, capital preservation, and an opportunity for strong risk-adjusted returns. Artemis designs its products to meet this market need. Our goal is to consistently beat the HFRI Fund of Funds Weighted Composite Index, as well as major world stock market indices, as measured by risk-adjusted returns,” says Don Kurz, Managing Member and CEO of Artemis Capital Partners.
“At Artemis Capital Partners, our approach is designed to generate stable and consistent returns via rigorous investment selection, extensive diversification and prudent application of leverage,” says Salomon Konig, Managing Member and Chief Investment Officer of Artemis Capital Partners. “By drawing upon our proprietary databases and investment models, we design structured investment vehicles engineered to optimize risk-adjusted returns.”
Don Kurz is Managing Member and CEO of Artemis Capital Partners, LLC. Prior to forming Artemis, Kurz was President and Owner of Insight Creative Solutions, Inc. (ICS), a venture investor and provider of general management consulting services. Prior to his work with ICS, Kurz was Chairman, President and CEO of EMAK Worldwide, Inc, a global, NASDAQ-traded company providing strategic and marketing services to Fortune 500 companies internationally.
Salomon Konig is Managing Member, CIO and Portfolio Manager of Artemis Capital Partners, LLC. Konig has been working in finance, investments and hedge funds for more than 30 years, in the US and Latin America. Konig is a Board Member of The Hedge Fund Association and has served as a partner to intellectual pioneers in financial analysis, including Jack Schwager, Roger Ibbotson, and Charles Friefeld. Prior to forming Artemis, Konig was President and owner of American Lead Ventures, an advisor to family offices and funds of funds and a Senior Consultant to Global Partners Group, where he analyzed, seeded and incubated hedge funds and funds of hedge funds.
Artemis Capital Partners now has offices in Aventura, Florida and Los Angeles, California. BNP Paribas is the Firm’s structured products counterparty. The Company works with Meridian Fund Services Limited for Fund Administration; auditing and tax services are provided by Spicer Jeffries, LLP. The Securities Law Group serves as legal counsel.
Artemis combines a proprietary, quantitative investment selection process with broad diversification to meet the objective of preserving wealth in times of extreme event risk while maintaining the ability to achieve strong risk-adjusted returns. Its investment thesis was developed over a two-year period and extensively tested in a 12-year blind test (1995-2006).
“We understand the world doesn’t need more ‘me-too’ alternative investment vehicles. We believe, however, that the market is seeking a market-neutral vehicle that delivers true portfolio diversification, capital preservation, and an opportunity for strong risk-adjusted returns. Artemis designs its products to meet this market need. Our goal is to consistently beat the HFRI Fund of Funds Weighted Composite Index, as well as major world stock market indices, as measured by risk-adjusted returns,” says Don Kurz, Managing Member and CEO of Artemis Capital Partners.
“At Artemis Capital Partners, our approach is designed to generate stable and consistent returns via rigorous investment selection, extensive diversification and prudent application of leverage,” says Salomon Konig, Managing Member and Chief Investment Officer of Artemis Capital Partners. “By drawing upon our proprietary databases and investment models, we design structured investment vehicles engineered to optimize risk-adjusted returns.”
Don Kurz is Managing Member and CEO of Artemis Capital Partners, LLC. Prior to forming Artemis, Kurz was President and Owner of Insight Creative Solutions, Inc. (ICS), a venture investor and provider of general management consulting services. Prior to his work with ICS, Kurz was Chairman, President and CEO of EMAK Worldwide, Inc, a global, NASDAQ-traded company providing strategic and marketing services to Fortune 500 companies internationally.
Salomon Konig is Managing Member, CIO and Portfolio Manager of Artemis Capital Partners, LLC. Konig has been working in finance, investments and hedge funds for more than 30 years, in the US and Latin America. Konig is a Board Member of The Hedge Fund Association and has served as a partner to intellectual pioneers in financial analysis, including Jack Schwager, Roger Ibbotson, and Charles Friefeld. Prior to forming Artemis, Konig was President and owner of American Lead Ventures, an advisor to family offices and funds of funds and a Senior Consultant to Global Partners Group, where he analyzed, seeded and incubated hedge funds and funds of hedge funds.
Artemis Capital Partners now has offices in Aventura, Florida and Los Angeles, California. BNP Paribas is the Firm’s structured products counterparty. The Company works with Meridian Fund Services Limited for Fund Administration; auditing and tax services are provided by Spicer Jeffries, LLP. The Securities Law Group serves as legal counsel.
Hedge Fund Platform Expands To India
CacheMatrix Holdings, LLC today announced the creation of CacheMatrix India, a wholly-owned and fully-integrated subsidiary based in Bangalore, India.
In the first five months of 2007, hedge fund platform CacheMatrix has more than doubled its client base, which includes several of the largest banks and financial institutions in the world, as well as leading hedge fund administrators, custodians and mutual fund companies.
The Bangalore facility provides development capacity and expertise for the company’s unique money fund portal technology that is being incorporated into a growing roster of multinational banks. Unlike typical outsourcing models in which companies transfer management control of a business function to an outside supplier, CacheMatrix India serves as a virtual extension of the company’s core technology facility based in Denver.
“We have taken a different approach to doing business in India, and we believe it will pay dividends for us as we expand our service offerings globally,” said CacheMatrix Founder and CEO George Hagerman. “Our Bangalore facility is fully integrated into our U.S. operations and our India presence is a lasting extension of our core company.”
The Bangalore facility is headed by an Indian national who lived in Denver and was one of the original team members who wrote the CacheMatrix software code. He returned to Bangalore in 2006 to establish the CacheMatrix subsidiary in India.
The CacheMatrix India team is part of CacheMatrix’s global product development and support model. The Bangalore team has equal responsibility in development, testing and support and provides 24 hour global development and support capabilities to CacheMatrix.
CacheMatrix enables banks and other financial services firms to offer its corporate clients on-line access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management.
In the first five months of 2007, hedge fund platform CacheMatrix has more than doubled its client base, which includes several of the largest banks and financial institutions in the world, as well as leading hedge fund administrators, custodians and mutual fund companies.
The Bangalore facility provides development capacity and expertise for the company’s unique money fund portal technology that is being incorporated into a growing roster of multinational banks. Unlike typical outsourcing models in which companies transfer management control of a business function to an outside supplier, CacheMatrix India serves as a virtual extension of the company’s core technology facility based in Denver.
“We have taken a different approach to doing business in India, and we believe it will pay dividends for us as we expand our service offerings globally,” said CacheMatrix Founder and CEO George Hagerman. “Our Bangalore facility is fully integrated into our U.S. operations and our India presence is a lasting extension of our core company.”
The Bangalore facility is headed by an Indian national who lived in Denver and was one of the original team members who wrote the CacheMatrix software code. He returned to Bangalore in 2006 to establish the CacheMatrix subsidiary in India.
The CacheMatrix India team is part of CacheMatrix’s global product development and support model. The Bangalore team has equal responsibility in development, testing and support and provides 24 hour global development and support capabilities to CacheMatrix.
CacheMatrix enables banks and other financial services firms to offer its corporate clients on-line access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management.
29 May 2007
Hedge Fund Investor Sells Emerging Market Power Company
Globeleq, the emerging markets power company, announced that it has reached agreements to sell its operating power businesses in Latin America, North Africa and Asia.
Globeleq is 100% owned by hedge fund investor CDC Group plc. Actis, the leading private equity investor in emerging markets. Alistair Mackintosh, Chairman of Globeleq's Board of Directors and Chief Investment Officer of Actis, commented, "Globeleq has been a great success; we will build on that success as Globeleq continues to be a major force in building much needed new capacity. We will actively seek investment opportunities which build on the company's unrivaled knowledge and expertise in these markets."
The Latin American transaction includes Globeleq's interests in eight countries. These interests will be sold to a consortium of D.S. Constructions Limited of India and Israel Corporation Limited. The North Africa and Asia businesses, with operations in Egypt, Bangladesh, Sri Lanka and Pakistan, will be sold to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia). Both transactions are subject to certain closing conditions. The total value paid to Globeleq upon completion of both transactions is expected to be over US$1 billion.
"These transactions validate the strategy we have implemented since the founding of Globeleq," said Globeleq CEO Torbjorn Caesar. "These sales advance our plans to continue adding generation capacity to meet rising demand for more reliable power in the emerging markets. We will now be even more focused on developing and investing in new power projects."
Richard Laing, CEO of hedge fund investor CDC Group plc, said, "This is excellent news for emerging markets. Greater access to reliable energy continues to be a high priority for sustainable economic development. As a fund of funds investor in emerging economies, CDC is committed to this sector and will continue to invest its capital in this area."
Founded in 2002, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. Globeleq is actively pursuing new project development and acquisition opportunities.
Globeleq is 100% owned by hedge fund investor CDC Group plc. Actis, the leading private equity investor in emerging markets. Alistair Mackintosh, Chairman of Globeleq's Board of Directors and Chief Investment Officer of Actis, commented, "Globeleq has been a great success; we will build on that success as Globeleq continues to be a major force in building much needed new capacity. We will actively seek investment opportunities which build on the company's unrivaled knowledge and expertise in these markets."
The Latin American transaction includes Globeleq's interests in eight countries. These interests will be sold to a consortium of D.S. Constructions Limited of India and Israel Corporation Limited. The North Africa and Asia businesses, with operations in Egypt, Bangladesh, Sri Lanka and Pakistan, will be sold to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia). Both transactions are subject to certain closing conditions. The total value paid to Globeleq upon completion of both transactions is expected to be over US$1 billion.
"These transactions validate the strategy we have implemented since the founding of Globeleq," said Globeleq CEO Torbjorn Caesar. "These sales advance our plans to continue adding generation capacity to meet rising demand for more reliable power in the emerging markets. We will now be even more focused on developing and investing in new power projects."
Richard Laing, CEO of hedge fund investor CDC Group plc, said, "This is excellent news for emerging markets. Greater access to reliable energy continues to be a high priority for sustainable economic development. As a fund of funds investor in emerging economies, CDC is committed to this sector and will continue to invest its capital in this area."
Founded in 2002, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. Globeleq is actively pursuing new project development and acquisition opportunities.
28 May 2007
Amanda Capital Hedge Fund of Funds Exceeds Target Size at Closing
Amanda Capital Group, the first publicly listed private equity hedge fund-of-funds in Scandinavia announced that Amanda III Eastern Private Equity L.P. fund-of-funds exceeded its target size of EUR 100 million ($134.5 million). Amanda III is one of the five fund-of-funds managed by Amanda Group. The final closing was held at EUR 110 million ($148 million) on 22 May 2007.
The fund invests in unquoted companies in Russia and Eastern Europe through local private equity hedge funds. Amanda Capital Plc has also committed EUR 10 million (13.4 million) to Amanda III.
The fund raising has been successful both at amount of raised capital and number of investors, says CEO Petteri Änkilä. Also the investment activity of Amanda III has started well, the fund committed total EUR 33 million (44.4 million) to four local hedge funds, which invest in Russian, Ukrainian, Romanian, Bulgarian and Polish unquoted companies. Amanda III has invested in 18 target companies of which two have already been sold. One of the exits returned 2.2 times invested capital and the other one 5.8 times.
Along with the final closing of Amanda III Eastern Private Equity L.P. Amanda Group's management fees from the management and consultancy of hedge fund investments, increases to over EUR four million ($5.3 million) this year.
The company has investments in 25 different private equity funds and in over 300 unquoted companies, mainly located in Europe. Amanda is one of Finland's largest hedge fund investment management companies.
In addition to its own investments, Amanda manages several hedge fund portfolios under consultancy agreements. Amanda is also a founding general partner in five private equity hedge funds, which have several institutional investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 million) in assets under management (original investment commitments) and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
The fund invests in unquoted companies in Russia and Eastern Europe through local private equity hedge funds. Amanda Capital Plc has also committed EUR 10 million (13.4 million) to Amanda III.
The fund raising has been successful both at amount of raised capital and number of investors, says CEO Petteri Änkilä. Also the investment activity of Amanda III has started well, the fund committed total EUR 33 million (44.4 million) to four local hedge funds, which invest in Russian, Ukrainian, Romanian, Bulgarian and Polish unquoted companies. Amanda III has invested in 18 target companies of which two have already been sold. One of the exits returned 2.2 times invested capital and the other one 5.8 times.
Along with the final closing of Amanda III Eastern Private Equity L.P. Amanda Group's management fees from the management and consultancy of hedge fund investments, increases to over EUR four million ($5.3 million) this year.
The company has investments in 25 different private equity funds and in over 300 unquoted companies, mainly located in Europe. Amanda is one of Finland's largest hedge fund investment management companies.
In addition to its own investments, Amanda manages several hedge fund portfolios under consultancy agreements. Amanda is also a founding general partner in five private equity hedge funds, which have several institutional investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 million) in assets under management (original investment commitments) and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
25 May 2007
Ernst & Young Launches Islamic Funds & Investment Report 2007
1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR) is being launched to address the landscape of Islamic Private Equity market. The inaugural report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
With the Islamic Private Equity market set for a boom, and Islamic Alternative Investments attracting increasing interest; the stage is now set for the launch of the 1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR).
Reflecting these challenges and opportunities, the inaugural Islamic Funds & Investments Report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
The objective of the IFIR is not to analyze the performance of investment funds, but rather to provide new insights into the market, pinpoint critical success factors and identify key trends that will shape the immediate future of the industry.
Sameer Abdi, Group Head of the Islamic Financial Services Group for Ernst & Young said, “The Islamic funds industry has grown tremendously in size and product depth in the last five years. With ever increasing investor demand to satisfy, there remains immense potential for the future growth of this sector.
Ernst & Young will launch the report at the Pre-Conference Executive Briefing at The World Islamic Funds & Capital Markets Conference on 26th May at the Gulf Hotel in the Kingdom of Bahrain.
The Executive briefing will be led by Sameer Abdi, Group Head – Islamic Financial Services Group & Ali Arsalan Tariq, Senior Consultant, Ernst & Young Bahrain, where the Key Developments & Trends in the Islamic Funds Industry that will Shape the Market will be discussed.
With the Islamic Private Equity market set for a boom, and Islamic Alternative Investments attracting increasing interest; the stage is now set for the launch of the 1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR).
Reflecting these challenges and opportunities, the inaugural Islamic Funds & Investments Report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
The objective of the IFIR is not to analyze the performance of investment funds, but rather to provide new insights into the market, pinpoint critical success factors and identify key trends that will shape the immediate future of the industry.
Sameer Abdi, Group Head of the Islamic Financial Services Group for Ernst & Young said, “The Islamic funds industry has grown tremendously in size and product depth in the last five years. With ever increasing investor demand to satisfy, there remains immense potential for the future growth of this sector.
Ernst & Young will launch the report at the Pre-Conference Executive Briefing at The World Islamic Funds & Capital Markets Conference on 26th May at the Gulf Hotel in the Kingdom of Bahrain.
The Executive briefing will be led by Sameer Abdi, Group Head – Islamic Financial Services Group & Ali Arsalan Tariq, Senior Consultant, Ernst & Young Bahrain, where the Key Developments & Trends in the Islamic Funds Industry that will Shape the Market will be discussed.
Syz & Co Launches Two Spanish Funds of Hedge Funds
In a press release today, Swiss banking group SYZ & CO and Madrid-based asset management firm A&G Fondos, Asesores y Gestores Financieros Fondos, announced two Spanish-regulated funds of hedge funds, AYG SYZ Multi Strategy and AYG SYZ Low Volatility vehicles. Both offerings should be approved in the coming weeks by the CNMV, the Spanish regulator, according to the firms.
The AYG SYZ Multi Strategy fund will invest in a diversified portfolio of hedge funds, combining different strategies such as equity long/short, arbitrage, global macro, market neutral, and managed futures. The AYG SYZ Low Volatility fund will also invest in a diversified portfolio of hedge funds, but concentrating on the least volatile strategies, to offer a steadier potential return with a lower risk level, according to the firms.
New Spanish regulations on funds of funds require the fund manager to be a Spanish entity holding a specific license for that purpose. A&G will act as manager of the new offerings and will be in charge of their marketing in Spain, while SYZ & CO will advise A&G through its alternative management division, 3A SA.
The two funds will be euro-denominated, with a minimum investment of €100 ($135). An annual management fee of 1.5% will be charged for both funds and a performance fee of 8% for the Multi Strategy and 5% for the Low Volatility.
Asesores y Gestores Financieros was founded in 1987 and focuses on managing private assets. In 2005, A&G Fondos SGIIC, the group’s investment fund management company, obtained its European passport from the Luxembourg regulator CSSF. At the end of April, A&G Fondos SGIIC managed a total of €337 million ($453.6 million). Assets managed by the entire group totaled €2.9 billion ($3.9 billion) as of the end of April.
Alex Akesson
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
The AYG SYZ Multi Strategy fund will invest in a diversified portfolio of hedge funds, combining different strategies such as equity long/short, arbitrage, global macro, market neutral, and managed futures. The AYG SYZ Low Volatility fund will also invest in a diversified portfolio of hedge funds, but concentrating on the least volatile strategies, to offer a steadier potential return with a lower risk level, according to the firms.
New Spanish regulations on funds of funds require the fund manager to be a Spanish entity holding a specific license for that purpose. A&G will act as manager of the new offerings and will be in charge of their marketing in Spain, while SYZ & CO will advise A&G through its alternative management division, 3A SA.
The two funds will be euro-denominated, with a minimum investment of €100 ($135). An annual management fee of 1.5% will be charged for both funds and a performance fee of 8% for the Multi Strategy and 5% for the Low Volatility.
Asesores y Gestores Financieros was founded in 1987 and focuses on managing private assets. In 2005, A&G Fondos SGIIC, the group’s investment fund management company, obtained its European passport from the Luxembourg regulator CSSF. At the end of April, A&G Fondos SGIIC managed a total of €337 million ($453.6 million). Assets managed by the entire group totaled €2.9 billion ($3.9 billion) as of the end of April.
Alex Akesson
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
24 May 2007
Incremax Wins Microsoft Hedge Fund Competency Award
Incremax was awarded with Microsoft's Third Quarter New York/New Jersey Area Partner Award for Competency in understanding the scalable infrastructure, information productivity and custom business applications that drive both Fixed-Income and Equity hedge fund management firms.
"Most Managing Directors are not aware of the complexity of the technology required to manage Front/Middle/Back-Office operations efficiently while mitigating risk and instilling investor confidence in their ability to trade and protect assets," said Kerry Gerontinanos, President of Incremax. "It was important to us as a provider of Microsoft-based solutions that we addressed the scalable needs of a 3-man operation managing tens of million dollars of assets to the management firms that catapult quickly to billions of dollars in assets under trade."
Leveraging expertise gained from large-scale technology deployments in Financial Capital Markets for clients such as Citigroup and Fidelity Investments, Incremax was able to create a technology roadmap of Microsoft products and business applications specifically targeted to handle the needs of hedge fund management firms as they grow from millions, to billions of dollars in assets under management.
"Most Managing Directors are not aware of the complexity of the technology required to manage Front/Middle/Back-Office operations efficiently while mitigating risk and instilling investor confidence in their ability to trade and protect assets," said Kerry Gerontinanos, President of Incremax. "It was important to us as a provider of Microsoft-based solutions that we addressed the scalable needs of a 3-man operation managing tens of million dollars of assets to the management firms that catapult quickly to billions of dollars in assets under trade."
Leveraging expertise gained from large-scale technology deployments in Financial Capital Markets for clients such as Citigroup and Fidelity Investments, Incremax was able to create a technology roadmap of Microsoft products and business applications specifically targeted to handle the needs of hedge fund management firms as they grow from millions, to billions of dollars in assets under management.
Hedge Fund Office Opening In Zunich
Hedge fund service provider Cantor Fitzgerald today announced the opening of a new office in Zurich, Switzerland, further expanding its global footprint within the world's financial markets.
The new office is based in the heart of Zurich's financial district at Bahnhofsstrasse 64 and opens specifically to meet the demands of new and existing clients the global cash equity and derivatives markets in Zurich and the rest of central Europe, including hedge funds, asset managers and pension funds.
Gilbert Fischer and Oliver Dufek will jointly head up the office and be responsible for spearheading the expansion of the group's European institutional equity business. Fischer, previously at Dresdner Kleinwort, hedge fund Cazenove and UBS will initially lead a team of 12 with Oliver Dufek, previously at Dresdner Kleinwort and Cantor
Fitzgerald in London. They will report to Didier Bensadoun, Global Head of Equity Derivatives and Elon Spar, Chief Executive for Europe and Asia.
Cantor Fitzgerald sees Zurich as an important center from which to serve its clients locally and will look to further expand its existing product lines. With the addition of Zurich to its global network, Cantor Fitzgerald now has 28 offices around the world.
Commenting on the launch, Gilbert Fischer said, "We are delighted to be opening a new office in the heart of Zurich, a key location for us in serving our clients. This new office will enable us to offer a local service that will benefit both our clients and our business."
Dufek added: "Our local presence and knowledge of the markets will enhance our existing offering, including alpha generating ideas, portfolio analytics and optimization, to existing and potential clients. We look forward to working with them across the region."
Elon Spar, Chief Executive of Cantor Fitzgerald for Europe and Asia said, "The opening of our Zurich office represents a growing demand from new and existing clients for our services and is key to
The new office is based in the heart of Zurich's financial district at Bahnhofsstrasse 64 and opens specifically to meet the demands of new and existing clients the global cash equity and derivatives markets in Zurich and the rest of central Europe, including hedge funds, asset managers and pension funds.
Gilbert Fischer and Oliver Dufek will jointly head up the office and be responsible for spearheading the expansion of the group's European institutional equity business. Fischer, previously at Dresdner Kleinwort, hedge fund Cazenove and UBS will initially lead a team of 12 with Oliver Dufek, previously at Dresdner Kleinwort and Cantor
Fitzgerald in London. They will report to Didier Bensadoun, Global Head of Equity Derivatives and Elon Spar, Chief Executive for Europe and Asia.
Cantor Fitzgerald sees Zurich as an important center from which to serve its clients locally and will look to further expand its existing product lines. With the addition of Zurich to its global network, Cantor Fitzgerald now has 28 offices around the world.
Commenting on the launch, Gilbert Fischer said, "We are delighted to be opening a new office in the heart of Zurich, a key location for us in serving our clients. This new office will enable us to offer a local service that will benefit both our clients and our business."
Dufek added: "Our local presence and knowledge of the markets will enhance our existing offering, including alpha generating ideas, portfolio analytics and optimization, to existing and potential clients. We look forward to working with them across the region."
Elon Spar, Chief Executive of Cantor Fitzgerald for Europe and Asia said, "The opening of our Zurich office represents a growing demand from new and existing clients for our services and is key to
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