Largest British Hedge Fund Agrees to Buy Silvermine Capital

The largest British hedge fund manager Man Group Plc has signed agreement to acquire the American leveraged loan manager Silvermine Capital in a deal worth at $70 million.

The hedge fund will pay $23.5 million in cash, with $16.5 million and $30 million after one and five years, respectively, depending on management fees, the London-based firm said in a statement today. Connecticut, U.S.-based Silvermine, which has $3.8 billion of funds under management, will be integrated into GLG, operating under Man GLG Silvermine.

Chief Executive Officer Manny Roman has been expanding through acquisitions since he took over in February 2013. The firm, which managed $72.3 billion at the end of September, said last week it will buy fund-of-hedge fund assets from Merrill Lynch Alternative Investments, after previous acquisitions of U.S. fund-of-hedge-funds manager Pine Grove Asset Management and Numeric Holdings, a Boston-based quant manager.

The shares rose 1.5 percent to 146.90 pence at 8:54 a.m. in London. They have increased about 73 percent this year, giving the company a market value of about 2.6 billion pounds. The Bloomberg European 500 Index has decreased 0.5 percent.

Source: Bloomberg

 

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BlackRock Adds Former Ignis COO Mark Long

Mark Long, a former chief operating officer at Standard Life-owned Ignis Asset Management, has been appointed by BlackRock, Inc. as its new chief operating officer for the European Fundamental Credit business.

Mark Long has joined BlackRock after three-and-a-half years as COO of Ignis Advisors, where he had responsibility for product development, due diligence and operations.

Ignis Advisors was launched in 2010 as the company’s alternatives business, with a range spanning funds of hedge funds, funds of private equity funds and retail multi-manager products.

BlackRock’s European Fundamental Credit business sits within the fixed income division of the Alpha Strategies business unit, which is headed by Quintin Price, a member of BlackRock’s global executive committee. It invests by taking a view on the fundamentals of a business, the credit quality of an issuer and an analysis of the security.

A spokesman for BlackRock confirmed the hire but declined to comment further.

Prior to working at Ignis, Long was corporate development director at Man Group’s fund of hedge funds business, FRM.

For Standard Life Investments, Long’s departure is the latest in a long line of exits from Ignis, the business it acquired for £390 million in July of this year.

Source: Financial News

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Fund of Private Equity Funds, Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Mark Long, Standard Life, Ignis Asset Management, BlackRock, Inc., Europe, European Fundamental Credit Business, Alpha Strategies, Quintin Price, Man Group, UK, UK Hedge Fund.


Cheyne Capital Joins Forces with Investors for British Property Fund Launch

The $6 billion London-based hedge fund firm Cheyne Capital, is pleased to announce that has merged with investors for the launch a fund that will invest in British property for disadvantaged groups.

The Cheyne Social Property Impact Fund, seeded by investors including Big Society Capital, has a capacity to take in 300 million pounds ($473.04 million) and will seek to eke out stable and inflation-linked gains by leasing out the properties.

A cut in government grants to the sector is allowing private investors such as hedge funds to fill the gap, as demand for social housing rises.

The number of households on local authority housing waiting lists in Britain swelled by nearly 55 percent to 1.7 million in the decade to 2013, according to government data.

“This fund combines the merits of providing a social good and a financial return,” Stuart Fiertz, president of Cheyne Capital, said in an emailed statement.

The fund boosts Cheyne Capital’s 1.6 billion pounds of assets in its real estate funds. Shamez Alibhai, a former Credit Suisse executive who joined Cheyne in 2006 and co-ran its real estate debt business, will manage the fund.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, London, London Hedge Fund, UK, UK Hedge Fund, Cheyne Capital, Britain, Property, British Property, British Property Fund, Cheyne Social Property Impact Fund, Big Society Capital, Stuart Fiertz, Shamez Alibhai, Credit Suisse.


Lansdowne Partners Sets up Energy-Focused Hedge Fund

One of the world’s leading alternative investment management organizations Lansdowne Partners has appointed a portfolio manager from Norges Bank Investment Management for the launch of an energy-focused hedge fund, according to sources.

The decision to launch an energy-focused hedge fund comes four months after portfolio managers Peter Davies and Stuart Roden confirmed they were taking management control of the UK hedge fund group as co-founder Steven Heinz was standing down.

Per Lekander will be based in London and joins from NBIM – the world’s largest sovereign wealth fund – where he was responsible for managing the utilities team. Lekander will manage the new fund from Lansdowne’s London office.

News of the launch comes as pension fund investors are looking increasingly at opportunities in the utilities sector.

Source: eVestment

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Alternative Investment Organization, Lansdowne Partners, Norges Bank Investment Management, Peter Davies, Stuart Roden, UK, UK Hedge Fund, Steven Heinz, Per Lekander, London, NBIM, Sovereign Wealth Fund.


Deloitte Boosts Its Hedge Fund Practice with Two Appointments

Chris Farkas has been appointed by Deloitte, one of the “Big Four” professional services firms, as UK hedge fund leader, and Brian Forrester that will take on the role of hedge fund leader for the Europe, Middle East and Africa region.

Farkas was Deutsche Bank’s European head of hedge fund consulting in its prime brokerage group, working with global top 100 hedge funds and significant hedge fund start-ups.

Prior to Deutsche Bank, Farkas was head of sales at GlobeOp and executive director on the Goldman Sachs European hedge fund consulting team.

Farkas’ appointment follows the announcement that Deloitte’s Brian Forrester will take on the role of hedge fund leader for the Europe, Middle East and Africa region. Forrester is a partner with Deloitte in Ireland, having recently returned to Ireland after two years with the UK firm.

Forrester says: “Investors recognise the need for customised portfolios and are using hedge funds to provide better risk adjusted returns and diversification. As a result, investor allocations are increasing and hedge funds are expanding to take on more assets and staff whilst launching new products.

Source: HedgeWeek

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Chris Farkas, Deloitte, UK, UK Hedge Fund, Big Four, EMEA, Europe, European Hedge Fund, Hedge Fund Startup, GlobeOp, Goldman Sachs, Goldman Sachs European Hedge Fund, Brian Forrester, Middle East, Africa, Ireland.


Pine Grove Bought by British Hedge Fund Man Group

Pine Grove Asset Management LLC, a US-based hedge fund of fund manager, has been acquired by British hedge fund Man Group plc.

The transaction enhances Man Group’s presence in the US and adds to Man Group’s fund of hedge funds business, FRM. Pine Grove will also reinforce FRM’s efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products, the company said in a press release.

Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994. Since inception, the firm’s hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove’s assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.

Source: HedgeCo

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Pine Grove, Pine Grove Asset Management LLC, US Hedge Fund, UK Hedge Fund, Man Group plc, FRM, SEC, US 40 Act, Family Offices.


London Hedge Fund Toscafund Sets Up US Office

The London hedge fund Toscafund is opening an office based in Greenwich, Connecticut at a time when a number of London’s leading hedge funds are staging a cross-Atlantic push.

Other hedge funds that have recently opened up US offices include the multi-strategy manager Cheyne Capital, the computer-driven Winton and Odey Asset Management, one of London’s oldest hedge funds.

Toscafund was founded at the turn of the millennium by Martin Hughes, a former top-rated banks analysts and protégé of the highly influential hedge fund manager Julian Robertson, who employed him as European chairman of his Tiger Management.

Toscafund has hired Mimi Gammill from Blackstone’s hedge fund business to lead the US office where she will manage relationships with the London fund’s North American clients.

While the US office will primarily serve as an investor relations base it will also have space and facilities for Toscafund managers to work out for trading operations if needed. Toscafund currently employs 33 people.

Source: Financial Times

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, London Hedge Fund, UK Hedge Fund, Greenwich, Connecticut, Toscafund, US Office, Cheyne Capital, Winton and Odey Asset Management, Martin Hughes, Julian Robertson, Europe, Tiger Management, Mimi Gammill, Blackstone, Blackstone’s Hedge Fund, North America.


British Hedge Funds Setting Up Operations in the US

In the purpose of grabbing a slice of the growing institutional money moving into hedge funds, British hedge funds are setting up operations in the United States.

Well known UK funds such as Winton Capital, Odey Asset Management and Cheyne Capital are among a large number of London-based hedge fund groups that are either starting afresh or boosting existing operations in the US to get exposure to big institutional investors such as pension funds that are increasing allocation through a shift from fixed income to hedge funds.

Raising capital in Europe has become difficult following a directive from the regulators to subject alternate investment managers, such as hedge funds, to a host of new requirements including new reporting and disclosure requirements. The directive more commonly known as the Alternative Investment Fund Managers Directive aims to subject hedge funds and private equity funds to the same rules as mutual funds in the hope that such a rigid approach to hedge fund regulation will curb excessive risk taking and prevent the severity of an unforeseen financial crisis.

Source: Hedge Fund Jobs

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, UK, US, UK Hedge Fund, United States, Winton Capital, Odey Asset Management, Cheyne Capital, London, London Hedge Fund, Europe, Alternative Investment Fund Managers Directive.


SERS Boosts UK Hedge Fund Oceanwood with $50M

School Employees Retirement System of Ohio (SERS), a nearly 3 percent boost to its $1.85 billion assets under management, has invested the amount of $50 million in Oceanwood Capital Management, Europe-focused hedge fund.

The investment marks a significant institutional backing for Oceanwood and is part of a combined $160 million commitment by SERS to three funds, including Redwood Offshore Fund and real estate fund PRISA II, a statement on the SERS website said.

Oceanwood, a multi-strategy hedge fund spinout from Tudor Group, is led by Chief Investment Officer Christopher Gate, a former Goldman Sachs executive.

The fund returned 22 percent last year, according to a source with knowledge of the fund’s returns.

By comparison, similar European funds were up 10.3 percent last year, according to data from industry tracker Eurekahedge.

The hedge fund returned 3.4 percent through the end of May this year and has added more than $500 million to its assets under management so far this year, the source said.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, School Employees Retirement System of Ohio, SERS, Oceanwood Capital Management, Europe, UK, European Hedge Fund, UK Hedge Fund, Redwood Offshore Fund, Real Estate, Real Estate Fund, PRISA II, Tudor Group, Christopher Gate, Goldman Sachs, Eurekahedge.


Peter Clarke Joins Lancashire as Non-Exec

Peter Clarke, the former group chief executive of UK hedge fund firm Man Group, has been appointed by Lancashire as a non-executive director.

He will officially assume the role on 9 June and will become a member of Lancashire’s audit and investment committees.

Clarke was group CEO of Man between April 2007 and February 2013.

He first joined the company in 1993, before becoming a board member in 1997.

Source: The Insurance Insider

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Peter Clarke, UK Hedge Fund, Man Group, Lancashire.


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