Hong Kong and London based fund of hedge funds manager KGR Capital announced that it has launched the KGR Capital China Absolute Return Fund focused specifically on hedge funds invested in greater China.
The Cayman Islands domiciled hedge fund of funds has a minimum investment of $100,000. The initial strategy is to invest in about 10 locally invested hedge funds. The fund's manager is targeting returns of about 20% annually over the longer term and is expecting volatility of about 10%.
Mark White, chief executive of KGR Capital Europe said in a statement, "Early indications are that our selected managers have been able to maintain positive returns this month despite the recent sharp sell-off in the A-share market."
Hong Kong-based KGR Capital specializes in Asia strategies and was formed in 2002 by John Knox, Nick George and Christopher Rampton, who worked together in Asia at Jardine Fleming and JPMorgan. The firm launched its first specialist Asian fund of funds, the KGR Capital Asia Pacific Absolute Return Fund, in August 2003. KGR Capital employs 15 professionals at offices in Hong Kong and London.
14 Jun 2007
Hedge Fund Manager Faces Prison Time
In an investigation conducted by the FBI, the US Postal Service, and the SEC, hedge fund manager Joseph Ferona now faces prison time after pleading guilty to a fraud charge. His sentencing is scheduled for Aug. 24, Ferona disappeared in 2005 but was arrested earlier this year in Austin, Texas.
From October 2003 through May 2005, Ferona devised a scheme to defraud investors of money by false pretenses by soliciting individuals to invest funds into a “hedge fund” known as Global Prosperity Fund. Ferona purported to operate this fund through Castle Rock Trading Company, based in Castle Rock and Franktown, Colorado.
However, he was not registered with the State of Colorado. As part of the scheme, Ferona made fraudulent representations to investors, including that the fund realized annual returns or profits in excess of 40%, that returns for 2005 were projected as reaching 50 percent, and that the fund earned double digit returns during both good and bad market conditions.
Ferona allegedly concealed massive trading loses by generating and distributing false and fictitious quarterly and monthly investor account statements, falsely depicting each investors’ fund balance as appreciating based on the falsely reported returns.
“There is no such thing as a ‘guaranteed’ or ‘insured’ investment,” said U.S. Attorney Troy Eid. “Investments that promise unrealistic returns with no risk are virtually always fraudulent.”
Ferona now faces 23 counts of mail fraud, each carrying a penalty of up to 20 years imprisonment, and up to a $250,000 fine. He faces five counts of wire fraud, each carrying up to 20 years in federal prison, and a $250,000 fine. He also faces 9 counts of money laundering, with four of the counts carrying up to 20 years imprisonment, and a $500,000 fine, and 5 of the counts carrying up to 10 years imprisonment, and up to a $250,000 fine.
From October 2003 through May 2005, Ferona devised a scheme to defraud investors of money by false pretenses by soliciting individuals to invest funds into a “hedge fund” known as Global Prosperity Fund. Ferona purported to operate this fund through Castle Rock Trading Company, based in Castle Rock and Franktown, Colorado.
However, he was not registered with the State of Colorado. As part of the scheme, Ferona made fraudulent representations to investors, including that the fund realized annual returns or profits in excess of 40%, that returns for 2005 were projected as reaching 50 percent, and that the fund earned double digit returns during both good and bad market conditions.
Ferona allegedly concealed massive trading loses by generating and distributing false and fictitious quarterly and monthly investor account statements, falsely depicting each investors’ fund balance as appreciating based on the falsely reported returns.
“There is no such thing as a ‘guaranteed’ or ‘insured’ investment,” said U.S. Attorney Troy Eid. “Investments that promise unrealistic returns with no risk are virtually always fraudulent.”
Ferona now faces 23 counts of mail fraud, each carrying a penalty of up to 20 years imprisonment, and up to a $250,000 fine. He faces five counts of wire fraud, each carrying up to 20 years in federal prison, and a $250,000 fine. He also faces 9 counts of money laundering, with four of the counts carrying up to 20 years imprisonment, and a $500,000 fine, and 5 of the counts carrying up to 10 years imprisonment, and up to a $250,000 fine.
13 Jun 2007
Scandinavian Hedge Fund Of Funds Announces Portfolio Exits
Petter Hoffström, CFO of Scandinavian hedge fund of funds Amanda Capital PLC announced today that several of its investment companies were sold, generating a cash flow of over EUR 1 million ($1.3 million) for Amanda.
Eltel Networks was sold to another private equity company, Eltel Networks is the Northern European market leader for the installation and maintenance of infrastructure for electricity and telecommunications. Eltel Networks headquarter is in Espoo, Finland and it employs 8,200 professionals across Europe primarily in the Nordics, the Baltics and Poland. The exit is due to be accounted in Amanda's result during the third quarter of this year.
In addition two other private equity funds have recapitalized their target companies. These transactions generate proceeds to Amanda, which will be accounted in Amanda's result in the second quarter in 2007.
Amanda Capital Group is a private equity investment company. Its parent company (Amanda Capital PLC) is the first publicly listed private equity hedge fund of funds in Scandinavia. The company has investments in 24 different private equity funds and in three funds of funds managed by Amanda. It is one of Finland's largest private equity fund investment management companies. In addition to its own investments, Amanda manages several private equity fund portfolios under consultancy agreements.
Amanda also manages five private equity hedge funds of funds, which have several domestic and international investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 billion) in assets under management and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
Eltel Networks was sold to another private equity company, Eltel Networks is the Northern European market leader for the installation and maintenance of infrastructure for electricity and telecommunications. Eltel Networks headquarter is in Espoo, Finland and it employs 8,200 professionals across Europe primarily in the Nordics, the Baltics and Poland. The exit is due to be accounted in Amanda's result during the third quarter of this year.
In addition two other private equity funds have recapitalized their target companies. These transactions generate proceeds to Amanda, which will be accounted in Amanda's result in the second quarter in 2007.
Amanda Capital Group is a private equity investment company. Its parent company (Amanda Capital PLC) is the first publicly listed private equity hedge fund of funds in Scandinavia. The company has investments in 24 different private equity funds and in three funds of funds managed by Amanda. It is one of Finland's largest private equity fund investment management companies. In addition to its own investments, Amanda manages several private equity fund portfolios under consultancy agreements.
Amanda also manages five private equity hedge funds of funds, which have several domestic and international investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 billion) in assets under management and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
Hedge Fund Activism, Friendly or Hostile?
With an estimated $1.2 trillion under management, hedge funds are having an impact on the financial markets. In one of the first studies to shed light on how this is happening, researchers at Wharton and three other business schools find that hedge funds' efforts to improve companies they hold big stakes in have spillover benefits for all shareholders: a quick 5% to 7% jump in stock prices.
The gains, measured as an "abnormal return" on top of the broad market's, were nearly 11% when a hedge fund pushed for the targeted company to be sold. This makes hedge funds far more effective than other activist shareholders, such as pension funds and mutual funds, the researchers say.
According to the study, the share-price boost came during the 40-day period surrounding a hedge fund's public announcement of a push for change. "The price gain came immediately upon the announcement," said Wei Jiang, a finance professor at Columbia Business School who is a visiting faculty member at Wharton. The gains were therefore caused by investors' anticipation of improved company performance to follow. "The improvements will occur anywhere from a year to two years down the road," she added.
Return on equity typically soared in the 12 months after a hedge fund announced it had targeted a company. The research is reported in a paper titled, "Hedge Fund Activism, Corporate Governance and Firm Performance." Co-authors are Alon Brav of Duke University, Frank Partnoy of the University of San Diego and Randall Thomas of Vanderbilt University.
Using a large hand-collected dataset of hedge fund activism in the U.S. over the period 2001 through 2005, the study found that most tactics are non-confrontational, and attain success or partial success in two-thirds of the cases. However, hedge funds seldom seek control of target companies. The market reacts favorably to hedge fund activism, as the abnormal return upon announcement of potential activism is in the range of 5-7 percent, with no apparent reversal in the subsequent year.
The study also revealed much about the types of companies hedge funds go after. "I thought hedge funds would target troubled firms, and in the end that turned out not to be the case," said Jiang. Instead, she said, hedge funds seek healthy firms with undervalued stock, and then use their clout to press for management changes, dividend increases or other moves to benefit shareholders.
The study looked at 888 cases involving shareholder activism by 131 hedge funds from the start of 2001 through 2005. The cases were identified from news accounts of activist funds, those pushing for corporate change rather than just holding the stock as a passive investment.
Fund activism ranges from friendly to hostile, often involving more than one type of pressure. Nearly two-thirds of the announcements in the study merely state that the fund intends to communicate regularly with the company's board to enhance shareholder value. In about a quarter of the cases, the fund makes a formal shareholder proposal for change. Proxy fights to replace board members occur in 11.5% of cases. Fund pressure is effective. In about 41% of cases, the funds get the changes demanded, while they achieve partial success in another 26%.
The gains, measured as an "abnormal return" on top of the broad market's, were nearly 11% when a hedge fund pushed for the targeted company to be sold. This makes hedge funds far more effective than other activist shareholders, such as pension funds and mutual funds, the researchers say.
According to the study, the share-price boost came during the 40-day period surrounding a hedge fund's public announcement of a push for change. "The price gain came immediately upon the announcement," said Wei Jiang, a finance professor at Columbia Business School who is a visiting faculty member at Wharton. The gains were therefore caused by investors' anticipation of improved company performance to follow. "The improvements will occur anywhere from a year to two years down the road," she added.
Return on equity typically soared in the 12 months after a hedge fund announced it had targeted a company. The research is reported in a paper titled, "Hedge Fund Activism, Corporate Governance and Firm Performance." Co-authors are Alon Brav of Duke University, Frank Partnoy of the University of San Diego and Randall Thomas of Vanderbilt University.
Using a large hand-collected dataset of hedge fund activism in the U.S. over the period 2001 through 2005, the study found that most tactics are non-confrontational, and attain success or partial success in two-thirds of the cases. However, hedge funds seldom seek control of target companies. The market reacts favorably to hedge fund activism, as the abnormal return upon announcement of potential activism is in the range of 5-7 percent, with no apparent reversal in the subsequent year.
The study also revealed much about the types of companies hedge funds go after. "I thought hedge funds would target troubled firms, and in the end that turned out not to be the case," said Jiang. Instead, she said, hedge funds seek healthy firms with undervalued stock, and then use their clout to press for management changes, dividend increases or other moves to benefit shareholders.
The study looked at 888 cases involving shareholder activism by 131 hedge funds from the start of 2001 through 2005. The cases were identified from news accounts of activist funds, those pushing for corporate change rather than just holding the stock as a passive investment.
Fund activism ranges from friendly to hostile, often involving more than one type of pressure. Nearly two-thirds of the announcements in the study merely state that the fund intends to communicate regularly with the company's board to enhance shareholder value. In about a quarter of the cases, the fund makes a formal shareholder proposal for change. Proxy fights to replace board members occur in 11.5% of cases. Fund pressure is effective. In about 41% of cases, the funds get the changes demanded, while they achieve partial success in another 26%.
12 Jun 2007
Barbarian Launches Film Production Hedge Fund
"The current influx of funds from hedge funds, private equity funds and institutional investors into studio and independent distributor funds has created a considerable opportunity on the content creator side of the Hollywood equation," says Aaron Kaufman of the Barbarian Investment Fund.
Unlike recently formed film investment funds, Barbarian brings together 5 notable film producers such as Benderspink (The Ring, American Pie), Original Media (Half Nelson), GreeneStreet (In The Bedroom) and others. The fund provides a mitigated risk portfolio of non-correlated assets by investing only in films under 10 million that have 80 to 100% of their budgets secured by foreign pre-sales.
With 100,000. as minimum investment, a five year lock up period and 2% management fee, Barbarian partners with independent producers who specialize in independent films budgeted at less than 10 million.
Several nine-figure deals have recently been struck between large institutional investors such as JP Morgan, Merrill Lynch and the Royal Bank of Scotland to name a few, and studios such as Disney, Paramount and Warner Brothers that fund multi-year production slates costing more than $3 billion.
Private equity and hedge funds are now also entering the market, funding large scale ventures such as Virtual studios and Legendary Pictures, these groups have recently funded films such as Superman Returns, Batman Begins, Poseidon and 300.
Unlike recently formed film investment funds, Barbarian brings together 5 notable film producers such as Benderspink (The Ring, American Pie), Original Media (Half Nelson), GreeneStreet (In The Bedroom) and others. The fund provides a mitigated risk portfolio of non-correlated assets by investing only in films under 10 million that have 80 to 100% of their budgets secured by foreign pre-sales.
With 100,000. as minimum investment, a five year lock up period and 2% management fee, Barbarian partners with independent producers who specialize in independent films budgeted at less than 10 million.
Several nine-figure deals have recently been struck between large institutional investors such as JP Morgan, Merrill Lynch and the Royal Bank of Scotland to name a few, and studios such as Disney, Paramount and Warner Brothers that fund multi-year production slates costing more than $3 billion.
Private equity and hedge funds are now also entering the market, funding large scale ventures such as Virtual studios and Legendary Pictures, these groups have recently funded films such as Superman Returns, Batman Begins, Poseidon and 300.
Hedge Fund Search Engine Launched
A new vertical hedge fund search engine was launched yesterday by Institutional Investor, according to their statement, "The new beta version provides financial professionals with customized access to valuable hedge fund content."
The search engine is powered by Convera Corporation a provider of vertical search services for publishers. Residing on Institutional Investor’s Web site, as well as its own URL, the customized search engine allows professionals in the hedge fund industry to search deeply into highly relevant Web sites selected by hedge fund experts. The search engine is designed to return highly relevant results for traders and investors who need timely and targeted access to rankings, news and research.
“Institutional Investor has long been a trusted source of information for the financial community,” said Patrick Condo, Convera’s president and chief executive officer. “A vertical search engine focused on the complex and dynamic hedge fund industry will deliver important content for one of Institutional Investor’s key professional communities. The new search engine is a natural extension of Institutional Investor’s current product range and provides an extremely useful tool for anyone working in or dealing with the hedge fund industry.”
Institutional Investor publishes market products in the hedge fund sector including Alpha magazine, Hedge Fund Daily and Alternative Investment News and organizes conferences and events for the hedge fund community.
The search engine is powered by Convera Corporation a provider of vertical search services for publishers. Residing on Institutional Investor’s Web site, as well as its own URL, the customized search engine allows professionals in the hedge fund industry to search deeply into highly relevant Web sites selected by hedge fund experts. The search engine is designed to return highly relevant results for traders and investors who need timely and targeted access to rankings, news and research.
“Institutional Investor has long been a trusted source of information for the financial community,” said Patrick Condo, Convera’s president and chief executive officer. “A vertical search engine focused on the complex and dynamic hedge fund industry will deliver important content for one of Institutional Investor’s key professional communities. The new search engine is a natural extension of Institutional Investor’s current product range and provides an extremely useful tool for anyone working in or dealing with the hedge fund industry.”
Institutional Investor publishes market products in the hedge fund sector including Alpha magazine, Hedge Fund Daily and Alternative Investment News and organizes conferences and events for the hedge fund community.
8 Jun 2007
Biomet to Sell To Hedge Funds
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.
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.
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 $५१.७ Million 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.
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