More prime brokerage firms are adding on administration services to help attract and retain clients. I wasn’t sure how widespread of a trend this was but saw this mentioned within an article yesterday as noted below. I would be interested in discussing this further with hedge fund managers reading this article – if you have some insight – Richard@HedgeFundGroup.org.
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In recent years, the custodian banks that have acquired hedge fund administrators have sought to adjust client lists in favor of larger and more profitable hedge fund and fund of funds groups interested in a broader array of services. At the same time, prime brokers have recognized that providing administration services can help attract and retain clients and counter the shift among hedge fund managers towards multiple prime brokerage.

“It would be surprising if the hedge fund administration industry continues to support such a large number of providers, and there is now evidence that a renewed round of consolidation is in the offing,” says Dominic Hobson. “However, the appetite to sell may be offset as well as encouraged by the depressed prices available. In any event, the buyers are likely to be different from the banks which dominated the acquisition process in the early years of this century.” Read more…

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Tags: Prime Brokerage and Hedge Fund Administration Services, Prime Broker offering administration services, administration services from prime brokerage firms, which prime brokerage firms offer hedge fund administration services

More prime brokerage firms are adding on administration services to help attract and retain clients. I wasn’t sure how widespread of a trend this was but saw this mentioned within an article yesterday as noted below.
__________________

In recent years, the custodian banks that have acquired hedge fund administrators have sought to adjust client lists in favor of larger and more profitable hedge fund and fund of funds groups interested in a broader array of services. At the same time, prime brokers have recognized that providing administration services can help attract and retain clients and counter the shift among hedge fund managers towards multiple prime brokerage.

“It would be surprising if the hedge fund administration industry continues to support such a large number of providers, and there is now evidence that a renewed round of consolidation is in the offing,” says Dominic Hobson. “However, the appetite to sell may be offset as well as encouraged by the depressed prices available. In any event, the buyers are likely to be different from the banks which dominated the acquisition process in the early years of this century.” Read more…

Permanent Link: Prime Brokerage & Hedge Fund Administration
Tags: Prime Brokerage and Hedge Fund Administration Services, Prime Broker offering administration services, administration services from prime brokerage firms, which prime brokerage firms offer hedge fund administration services

Quick Link: List of Hedge Fund Prime Brokers

Here is an interesting article about the growth of prime brokerage services in Asia. I didn’t know that growth was so strong for these groups right now…

Citigroup expects the amount of assets serviced by its Asia Pacific prime brokerage arm to grow by more than 30 percent annually over the next three to five years, as more global hedge funds set up shop in the region.

Even with tumbling stock markets hammering Asia’s hedge fund industry, many large international managers are doing more business in the region, drawn by its long-term potential, said Hannah Goodwin, head of Prime Finance, Asia Pacific for the U.S. banking giant.

“We’re looking at a 30 to 50 percent growth every year,” she told Reuters in an interview. “That’s how aggressive we want to be with this business and how well we think this business is going to develop for us.” Read more…

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Tags: Prime Brokerage in Asia, Asian Prime Broker, Singapore, Hong Kong, Beijing, Shanghai, China, Japan, Tokyo, Asia Prime Brokerage Services

Here is an interesting article about the growth of prime brokerage services in Asia. I didn’t know that growth was so strong for these groups right now…

Citigroup expects the amount of assets serviced by its Asia Pacific prime brokerage arm to grow by more than 30 percent annually over the next three to five years, as more global hedge funds set up shop in the region.

Even with tumbling stock markets hammering Asia’s hedge fund industry, many large international managers are doing more business in the region, drawn by its long-term potential, said Hannah Goodwin, head of Prime Finance, Asia Pacific for the U.S. banking giant.

“We’re looking at a 30 to 50 percent growth every year,” she told Reuters in an interview. “That’s how aggressive we want to be with this business and how well we think this business is going to develop for us.” Read more…

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Tags: Prime Brokerage in Asia, Asian Prime Broker, Singapore, Hong Kong, Beijing, Shanghai, China, Japan, Tokyo, Asia Prime Brokerage Services

Sustainable Investing

Sustainable Investing & Hedge Funds

Socially responsible investing or SRI as it is sometimes called is set to be much more than a blip on the radar screen of high net worth and institutional investors alike. Just earlier this week there was a new green hedge fund launched.

Another article on this appeared in the FT this week. Here’s a quick excerpt:
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Wealthy people increasingly want to invest their money without harming the environment, possibly heralding the mainstream take-up of such investment principles.

“Even those who aren’t actually doing it are talking about it,” said Matt Christensen, executive director of the European Social Investment Forum, which has surveyed both rich individuals and the wealth managers who look after their money about the topic of sustainability.

Nearly three-quarters of respondents have seen an increase in interest in sustainable investing in the last 12 months, according to the Eurosif survey, which also forecasts more than €1,000bn (£805bn, $1,473bn) of rich people’s money will be in sustainable investments by 2012. This represents a near doubling of the absolute levels in 2007, and a proportionate increase from 8 per cent to 12 per cent of rich people’s wealth.

New money, either from people who have recently become wealthy, or new flows from established investors, is driving the flows into sustainable investment strategies or instruments.

“Successful entrepreneurs of today are not the industrialists of yesterday,” said one survey respondent. “They are younger and more interested in sustainable investments.”

Historically, rich people have led the way in investment trends, taking up hedge funds and private equity before these asset classes became generally popular. Read more…

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Hedge Fund Business

Succession Planning & Hedge Fund Business Tasks

Over half of all hedge fund failures are business related.

Many institutional investors now scrutinize the business a hedge fund is running as much as they do their investment returns. This is important to note as many of even the largest hedge funds fall short within areas such as long term compensation, retirement, risk management and succession planning. To be fair many hedge funds are very performance-based and some see high turnover so spending much time on planning long-term for leadership grooming may not be a wise investment of time. That said, many small funds who are just breaking through the $100-$250M threshold often have dozens of processes, policies and institutional business risk management controls to set in place to please institutional investors and family offices.

Here is a recent article excerpt on this topic:
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Hedge fund firms often pride themselves on being ahead of the curve on financial trends but roughly 70 percent lag behind on planning for their own futures, according to a study to be released on Tuesday.

“Regardless of firm size, most participants have not taken all of the necessary steps to ensure a smooth transition in the event of a change in the senior management team,” said Rick Flynn and Alan Kufeld, who provide tax, accounting and consulting services to hedge funds as principals.

While hedge funds used to be small businesses managing several hundred million dollars, the industry has grown up and many fund firms now oversee several billion dollars for big clients such as pension funds that want to see a succession plan.

But most fund managers acknowledge they haven’t thought that far ahead. Less than one quarter of the respondents said they have agreed on a formal succession plan and fewer than 30 percent said they are ready to deal with the death of a managing partner, according to the data.

“This lack of preparedness poses a threat to both the role and personal wealth of the principal and will almost certainly affect the other owners of the management company as well as investors in the firm’s funds,” wrote Flynn and Kufeld about the results. Read more…

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Gottex Hedge Fund

Products as the one below are interesting to watch grow, or not as they try to sometimes sell products to groups which traditionally have build their own portfolio’s in-house with the aide of consultants.

The following piece on Gottex Fund is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Resource #1: (5.10.09) Swiss fund of hedge funds shop Gottex Fund Management has taken a controlling stake in U.S-based firm SJC Capital Partners.

The U.S. asset management firm, which was founded last year by Stephen Czech, specializes in provided secured loans to middle market companies that are unable to obtain loans from traditional sources due to the credit crisis.

Gottex is banking on the direct lending market, which its expects to continue to be “a very attractive investment space in the years to come as traditional financing sources for the middle market continue to contract or exit this market segment.” source

Resource #2: Swiss funds-of-funds firm Gottex Fund Management is launching a fund that will emulate the investment principles of U.S. “super endowments.” The new fund will emulate the investment principles of successful U.S. university endowment funds, such as Harvard and Princeton. It will allocate about 65% to alternative investments.

The alternative part of the portfolio will cut across all asset classes: hedge funds, private equity, commodities, long-only equity, fixed income, real estate and other real assets. Harvard Management, long the model for university endowment funds currently with about $35 billion in assets, increased more than 20% year over year in 2007.

William Landes is helming the new fund. Landes joined Gottex from Boston-based 2100 Capital, his hedge fund specialty firm that Old Mutual Asset Management bought in 2005. Before that Landes was a money manager at Putnam Investments, which helped incubate 2100 Capital. Landes’ experience with broad-based funds was part of what led him to Gottex, he told HedgeFund.net.

“This is something I’ve been doing for over 15 years,” Landes said. “So when Joe Gottschalk [CEO of Gottex] and I began talking about the possibility of me coming over, we started talking about ways to provide sophisticated investment for high net worth investors.” In preparation for the new fund launch, Landes said his team determined that a 65% exposure to alternative investments combined with traditional investments did the best in the long term. Read more…

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Tags: funds-of-funds, Gottex Fund Management, endowment funds, William Landes, 2100 Capital, Old Mutual Asset Management, Joe Gottschalk, Gottex Fund, Gottex Hedge Fund Management, Gottex

Asset Management Finance

The following piece on Asset Management Finance Corp is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

This story is about how Credit Suisse purchasing Asset Management Finance Corp. which provides funding to early stage hedge funds in exchange for revenue sharing on future fund earnings. It will be interesting to see if Credit Suisse significantly alters AMF’s due diligence process while looking at funds, or presses them to fund Credit Suisse associated groups…
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Credit Suisse Group AG, Switzerland’s second-biggest bank, bought New York-based Asset Management Finance Corp. for $384 million to provide financing to investment firms.

Credit Suisse paid stock for more than 80 percent of the firm, founded by former Putnam Investments chief Norton Reamer in 2003, from a unit of National Bank of Canada. Reamer, 72, who also ran Boston-based United Asset Management Corp., will stay on, the bank said today in a statement.

AMF, which provides capital to money managers including hedge funds in exchange for a slice of revenue, will benefit from Credit Suisse’s global reach, said Brian Finn, chairman of the Zurich-based company’s alternative-asset business. The unit, which manages $167 billion, holds a minority stake in hedge-fund firm Ospraie Mangement LLC and has started joint investing ventures with Abu Dhabi and General Electric Co.

AMF “is a platform with a leadership team and an investment approach in which we see enormous growth opportunities,” Finn said in an interview. Read more…

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Permanent Link: Asset Management Finance Corp
Tags: Credit Suisse Group, Asset Management Finance Corp., Norton Reamer, National Bank of Canada, Brian Finn, Ospraie Management LLC, Abu Dhabi, General Electric Co., Stephen S. Smith, Smith Group Asset Management

Below are a series of resources related to Morgan Stanley’s Prime Brokerage business source

Resource #1: (7.5.09) What are Morgan Stanley’s intentions in the prime brokerage model? Well, fairly or not, the perception has developed as of late that it was seeking a new business model that relied less on leverage and anything seen as risky. Many assumed it wanted to ratchet back in prime brokerage, after having long ruled the roost with Goldman Sachs, but that may not be true. source

Resource #2 (5.22.09) Morgan Stanley replaced its top prime-brokerage official, underscoring big changes in the way investment banks are serving hedge-fund clients.

Stuart Hendel, who managed the New York firm’s prime-brokerage business since 2007, “has decided to leave the firm to pursue outside interests,” according to an internal memo released by Morgan Stanley on Thursday.

Mr. Hendel is being succeeded by Alex Ehrlich, who had been global head of prime services at UBS AG for the past six years. source

Resource #3: (4.3.09) U.S. prime brokerage business, Patrick Mortimer, resigned this week, The Wall Street Journal reported Wednesday. Mortimer left for personal reasons and no direct replacement is planned, according to the newspaper, which sourced people familiar with the matter

Resource #4: (11.17.08) Kurt Baker, the head of Morgan Stanley’s (MS) prime brokerage in Asia, is leaving the firm, a company spokesman confirmed Wednesday, but declined to comment further.
Baker’s departure comes a week after Morgan Stanley confirmed additional worldwide job cuts. It said it would reduce 10% of its staff in institutional securities, which includes prime brokerage, as well as 9% in asset management, which manages mutual funds and other investment instruments.

The firm has already cut about 10% of its work force this year. Since June 2007, the bank has cut around 4,500 employees, bringing its total staff to about 46,500 as of Aug. 31, 2008.
Morgan Stanley’s prime brokerage, one of the two largest in the Asia, has been hurt by a worldwide hedge-fund slump.

The hedge-fund industry has been struggling against trailing performance and a rising tide of redemptions. In Asia, the hedge-fund industry has been especially vulnerable to a focus on stocks and a tendency to go long. The Eurekahedge Asian Hedge Fund Index is down 21.6% so far this year.

Morgan Stanley’s prime brokerage operations, in particular, were hit after Lehman Brothers Holdings Inc. filed for bankruptcy protection in mid-September. Concerns about the stability of investment banks caused some hedge-fund clients to move assets. Source
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Resource #5: Stu Hendel will rejoin the Firm as Global Head of Prime Brokerage. He will be based in New York and report to Rich Portogallo, Head of the U.S. Equity Division and Global Equity Financing Services.

In this role, Mr. Hendel, 48, will oversee the Firm’s global prime brokerage business focusing on growing Morgan Stanley’s market leading franchise and meeting the evolving needs of clients. Mr. Hendel will also work closely with senior management in the Equities and Fixed Income divisions on defining and executing strategic direction for the group.

“We are delighted that Stu Hendel has chosen to return to Morgan Stanley,” said Jerker Johansson, Global Head of Equities and Co-Head of Institutional Sales and Trading at Morgan Stanley. “Stu had been instrumental in helping to build our prime brokerage business into the recognized market leader today. His experience and skill make him perfectly suited to continue our momentum in this business.”

Mr. Hendel rejoins Morgan Stanley from Eton Park, where he served as the Chief Operating Officer since that firm was organized in 2004.

“Stu’s innovation, content, passion and recent experience at one of the world’s most respected alternative investment firms will only further serve to reinforce our commitment to our clients and our staff,” said Rich Portogallo. “We are thrilled to have him back.”

Prior to joining Eton Park, Mr. Hendel spent 15 years at Morgan Stanley. He held a number of senior management positions in Prime Brokerage from 1993 to 2004, most recently serving as Co-Head of U.S. Prime Brokerage. Prior to that, Mr. Hendel worked in the legal division of Morgan Stanley from 1989 to 1993. Mr. Hendel received his J.D. from Cornell Law School 1983 where he served as business manager of the Law Review. He graduated from Wesleyan University in 1980. Mr. Hendel will rejoin Morgan Stanley in early 2007.

Tags: Morgan Stanley Prime Broker, Morgan Stanley Prime Brokerage Services, Prime Brokerage Services by Morgan Stanely

The Spanish River Group

Spanish River Group – Hedge Fund Profile

Another example of how even in a tough market when many funds are closing there are others launching hedge funds who come from large hedge fund shops with experience in the industry. Many times the launch of the hedge fund has been in the making for 1-2.5 years before doors are fully opened so current market conditions don’t have a large effect on those taking a serious approach to the business.

The following piece on The Spanish River Group is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Veteran hedge fund professional Stephen Hansen has gone into business for himself. Hansen, who has worked for fund-of-fund Common Sense Investment Management, Fullerton Capital and Drakes Landing, started The Spanish River Group in May.

Based in Florida, The Spanish River Group or TSRG is a long-short equity strategy with a bottom-up approach to stock picking. The hedge fund has no sector bias. Hansen characterized TRSG as using value and momentum investing.

TSRG launched with $900,000 in capital and has a 1.5% management fee and a 20% performance fee as well as a $250,000 minimum investment. Piedmont is the administrator. Harb, Levy & Weiland is the auditors. North Point Trading is the prime broker. Hansen said he wanted TRSG to amass $1 million in its first year. Read more…

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Tags: Stephen Hansen, Common Sense Investment Management, Fullerton Capital, Drakes Landing, Piedmont, Harb, Levy & Weiland, North Point Trading, The Spanish River Group (TSPRG)

Eurasia Capital Management

Below is a press bio on Eurasia, they are the first group to offer a Mongolia-centric hedge fund product. I expect these types of announcements to greatly increase as the barriers to trading in countries such as this drop, hedge funds look for a distinct advantage and traditional “emerging” countries such as China and Brazil fully emerge.

The following piece on Eurasia Capital Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool

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Eurasia Capital Management plans to increase the world’s first Mongolia-focused fund fivefold to $100 million to tap economic growth fueled by the nation’s mining industry.

Eurasia’s hedge funds, which have about $200 million of investments across Central Asia, also expect to sell shares on London’s Alternative Investment Market or Deutsche Boerse AG by next June, said Alisher Djumanov, managing partner of the Singapore-based firm. Proceeds would be used to start private- equity and property funds, and expand in Central Asia, he said.
Mining in Mongolia, which has reserves of coal, copper, gold and uranium, will spur “double-digit” economic growth rates over the next 10 years as commodity prices remain high, Djumanov said in an interview. Mining accounted for about two- thirds of Mongolia’s exports last year, and foreign direct investment in the country rose more than 33 percent.

“The spillover effect from the mining sector will be significant,” Djumanov, 35, said. “We’re investing in companies that are expected to grow significantly on the back of this strong economic growth.” Read more…

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Tags: Eurasia Capital Management, Mongolia, Alternative Investment Market, Deutsche Boerse AG , Alisher Djumanov, MSCI World Index,Investments in Mongolia, Mongoalia Investment, Mongolia Investment Fund, Eurasia hedge fund

Halcyon Asset Management

Halcyon Asset Management – Hedge Fund Press Bio

The following piece on Halcyon Asset Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Resource #1: Look who’s sitting atop one sector of the hedge-fund world.

Joe Wolnick, 53, the head of Halcyon Asset Management’s $850 million Asset Backed Securities hedge fund, is up 3 percent through Sept. 30, making him one of the only ABS funds with a positive return through the first three quarters of 2008.

The top-of-the-heap position is especially sweet for Wolnick – who started running his first hedge fund just three years ago after a career spent working as a credit risk executive in the distressed consumer and corporate debt business – because he relishes using his street smarts and gut instincts to beat his Ivy League rivals at other firms.

Wolnick, who proudly trumpets his 1977 graduation from Central Connecticut State University on Halcyon’s Web site, held back from buying senior subprime mortgage-backed securities earlier this year despite their high yield. The trader, people familiar with his thinking say, expected the bonds to fall from their lofty prices in the high-60-percent and low-70-percent range.

While others were buying, Wolnick was out soliciting investor cash, waiting for prices to drop and his chance to pounce. This summer, Wolnick beat out 70 other funds to manage a piece of California’s San Bernadino pension fund.

At that point, the market started to notice Wolnick.

By September, prices indeed came down below 50 and Wolnick started buying. Although just a portion of his portfolio, the index of senior tranche of subprime MBS closed the month at 52.08, helped him achieve his 3 percent gain and his prized place atop the heap.

In contrast, two of the most successful hedge-fund traders of recent years, Michael Novogratz and his protegeAdam Levinson, who run Fortress Investment Group’s $9 billion Drawbridge Global Macro fund, which also invests in asset-backed securities, find themselves in an unusual spot – down 13.76 percent through Sept. 30. Read More…

Resource #2: The vice chairman and chief investment officer of hedge fund Halcyon Asset Management has been forced out. The move reportedly follows major redemptions from institutional investors. According to an investor letter dated Tuesday and obtained by The New York Post, Steve Mandis has left the firm, “effective immediately.”

While the letter gave no reason for his departure, FINalternatives has learned that the subsidiary of the $12 billion hedge fund run by Mandis has been performing poorly and that some of the fund’s largest investors are pulling their money.

One source told FINalternatives that it was an “unceremonious” departure. “They are being hit with large redemptions,” said the source. Halcyon declined to comment on the matter.

The subsidiary, Halcyon Structured Asset Management, was co-founded by Mandis in 2004. Mandis also served on the boards and risk management committees of Halcyon and all of its affiliates, except for Halcyon Real Estate Investors.

Prior to joining Halcyon, Mandis worked at Goldman Sachs, where he served as a portfolio manager in the firm’s Special Situations Investing Group, a multi-billion dollar proprietary investing area within Goldman Sachs’ Fixed Income Division. Read more…

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Tags: Halcyon Asset Management, Steve Mandis, Goldman Sachs, Jason Dillow, Vijay Mohan, Halcyon Hedge Fund, Halcyon Capital Management, Halcyon Asset Management Holdings

Hedge Funds in India

The Benefits of Offering Hedge Funds in India

Here’s a short article on how the Committee of Financial Sector Reforms in India might introduce hedge funds and why this would be a positive move for the Indian markets and fund industry as a whole.
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The Draft Report of the Committee on Financial Sector Reforms headed by Professor Raghuram Rajan was issued for comment in April 2008. Among the proposals that the high-level committee made was the introduction of domestic hedge funds. The committee feels that, “The presence of hedge funds would induce greater competitive pressure for other regulated fund management channels such as mutual funds.”

This week’s article discusses the benefits of introducing hedge funds in the Indian market. It shows how hedge funds could improve asset price efficiency. Besides, such funds, by virtue of their diverse investment styles, could provide investors an opportunity to enhance their risk-adjusted portfolio returns.

Of different genre

Suppose a long-only (mutual fund) manager and a hedge fund manager both have a negative view on SBI, a positive view on HDFC Bank and a neutral view on ITC.

Long-only active managers will buy ITC in the same weight as their benchmark index, may overweight HDFC Bank and may not take any exposure in SBI. There is a reason for such a strategy. Active managers strive to beat their benchmark index. But they do not take too many active bets, lest their bets go wrong. Often, active funds tail the benchmark index with few active bets. Importantly, such managers cannot short-sell to take advantage of their negative view on a stock.

Hedge fund managers’ do not suffer from such constraint. In the above example, the hedge fund manager may overweight HDFC Bank, short-sell SBI and not take any exposure in ITC.

Better still, to neutralise any market risk, the hedge fund manager may buy HDFC Bank and short-sell SBI in such a way that the market risk in HDFC Bank is offset by short-selling SBI. Often, neutralising market risk on a portfolio would mean short-selling Nifty futures.

Exploiting price inefficiency

Hedge funds identify mispriced assets and exploit any price inefficiency. One way to do this is to employ statistical arbitrage.

Suppose a hedge fund manager finds that combination of one share of HDFC Bank and two short shares of SBI (1HDFC – 2SBI) has a stable statistical distribution. If the “spread” wanders far away from its mean, a hedge fund manager would set-up this strategy with a view that the “spread” will tighten. Such relative-value strategies can help arbitrate away asset price inefficiencies in a “normal” market. Read more…

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Pharos Fund

Pharos Financial Group – Hedge Funds

The following piece on Pharos Fund is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

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Resource #1: (11.18.08) oscow-based hedge fund Pharos Financial Group is opening an office in sunnier climes. The Russia-focused hedge fund manager has been licensed to operate in Dubai and is opening an office at the Arab Emirate’s Dubai International Financial Centre.

The US$130 million firm, which was seeded by Soros Fund Management in 1997, is the first Russia-focused hedge fund manager to win approval from the Dubai Financial Services Authority. Founder Peter Halloran pointed to a growing appetite for Russia-focused funds among Persian Gulf Coast investors as a motivation for the new office.

“Our move to DIFC was an easy strategic decision given our expectation that the need for quality asset management in the GCC will grow substantially over the next decade,” he said in a statement. “Pharos intends to fill the niche as the market leader in emerging markets fund management. Already we have seen tremendous appetite from GCC investors for our Russian-focused investment opportunities.” Source

Additional Resources

The following is a list of resources and information that is publicly available about Pharas Fund.

• Pharos fund portfolio.
• Whitepaper on Pharos Fund. The White paper explains how the pharos fund manager makes decisions.
• Every letter to all investors for 2008, from the Pharos Fund and Gas Fund.
• Excel spreadsheet of every Pharos funds performance. So far, 2008 has a negative return on every fund.
• Excel spreadsheet breakdown of Sector allocations for the pharos fund.
• Excel spreadsheet breakdown of Sector allocations for the Gas fund. Pretty self-explanatory, the fund invests in options and futures in oil and natural gas.
• Article about how there will be an increasing demand for natural gas.
• Excel spreadsheet of Pharos small cap fund. The small cap fund uses Russia’s building economy and uses illiquid shares to make a profit.
• Daily market comment and performance of all three funds. The Political Environment is fragile, which will create volatility in the market overall, which is good for each hedge fund.
• Article about how all Pharos funds are down. The MSCI Russia Index is down 32.4% due to “a reversal of fortune from the market’s earlier outperformance.”
• The Georgia conflict severely hurt the Russian economy because investors pulled out more than $7 billion. Russian may not be allowed to host the next Olympics and the U.S. is restricting Visas for Russians.
• Pharos said that the Russian economy is stable, but foreign investors insecurity will create short term-volatility.
• Name of this article pretty much sums it up- “Pharos, TPG to acquire American Beacon Advisors for $480m.”
• Interview with Peter Halloran. Eastern European (Russian affiliated) countries are rapidly growing faster than other developing nations.
• Article about the government planning to increase domestic gas prices by 25-40 per cent, over the next three years.
• A blog post that has a about positive outlook for every Pharos fund, for the month of June.
• Article about how hurricane Gustav may increase gas to $5 a gallon. This may effect pharos gas fund.

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Aggressive Portfolio

Aggressive Portfolio – Definition

An aggressive portfolio contains high growth investments that will hopefully appreciate in value. This strategy attempts to achieve high long-term growth by investing in often risky but profitable, short-term stocks.

Read dozens of additional articles like this within the guide to Hedge Fund Definitions and Terms.

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Vallea Capital

Vallea Capital – Hedge Fund Notes

The following piece on Vallea Capital is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Management company Vallea Capital has launched the macro long/short Vallea Fund. The hedge fund aims to achieve consistent above average returns by exploiting long-term and short-term opportunities through investments in fixed income, foreign exchange and global stock indices.
The target is to raise $100 million in the first 12 months.

The fund is co-managed by Alessandro Palmarella and Pascal Monnerat of the fund advisory company BelleVue Conseils Sàrl. Together they have 45 years of industry experience and have traded this strategy together successfully for eight years.

The fund is confident it has the expertise and non-correlated investment style to deliver above average absolute returns with low volatility in all market environments. The fund is domiciled in the Cayman Islands. Minimum investment is €100,000, management fee set at 2%, and performance fee at 20% subject to a high water mark. The hedge fund was launched September 1, 2008. Read more…

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Hedge Funds vs. Banks

Hedge Funds Serving Corporations

One long-term trend I’ve seen in the hedge fund industry is that hedge funds are now competing with banks within several dozen areas of business. Here is a short list of why some corporations are turning to hedge funds instead of Banks.

• Some commercial banks may not have enough money to lend because of timing or relationships in place with the corporation
• Some companies launching hostile takeovers need large amounts of cash quickly and hedge funds can sometimes provide the quickest solution at a competitive rate
• A company may need to borrow money overnight or for several days to make payroll until more of their receivables come in
• Some corporations use hedge funds to fund risky projects that wouldn’t fly with many banks
• Lately corporations have turned to hedge funds or sovereign wealth groups in times of desperation, when they need large infusions of cash to stay afloat

Yesterday I sent a note out about Hedge Fund Conference Email Alerts. The email-based subscribers to my blog could not see the email opt-in form though. If you would like to sign-up for free for these alerts please see this page: Hedge Fund Conference & Event Alert Email List

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Investment Marketing

Investment Marketing Hurdles for Hedge Funds

I just read an interesting article on AllAboutAlpha discussing the challenges today in marketing hedge funds to new potential investors. Within the piece AAA discusses how the US has one of the most restrictive regulatory regimes in the world when it comes to the hedge fund industry. The countries of Australia, Canada, Japan and China are all less restrictive.

Here’s a short excerpt from the article:

An article in this month’s Journal of Financial Transformation illustrates why this is. The piece, titled “Hedge fund marketing in an era of regulatory uncertainty” covers many of the issues faced by those trying to raise money in the US. It’s a great update on the ebb and flow of SEC edicts over the past year and was co-authored by hedge fund personality James Hedges. Here’s some of what Hedges suggests:

• Avoid speaking to the media about your funds – even if you’re not actively selling, but just “conditioning the market”.
• Avoid “print, radio and television advertisements or solicitations regarding funding or investment matters”.
• When giving presentations, “address the risks associated with hedge funds in general as well as the specific risks associated with the hedge fund being offered.”
• When your fund has a great year, make sure you “disclose the reasons for extraordinary performance…”
• No “mass mailings” except to “individual investors, or a discrete group of accredited investors”.

Click here to read the full article.

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Investment Training

Investment Training Q & A

Quick Link: Certified Hedge Fund Professional (CHP)


Question: Where can I find information an investment training programs available for recent graduates? I have 3 years of experience working in the investment industry but I’m looking for designations or programs to help improve my career. Would you suggest earning the CPA designation?

Answer: While the CPA is a highly rated designation if you would like to be an accountant there are other designations and programs which may be more directly applicable base on what type of investment training, or what path of an investment career you are taking. Here are links to three of these programs:

• Chartered Financial Analyst (CFA)
• Certified Hedge Fund Professional (CHP)
  
• Chartered Alternative Investment Analyst (CAIA)

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Andor Capital Management

Andor Capital Management & Daniel Benton

The following piece on Andor Capital Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

___________________________________

Andor Capital Management, a US hedge fund managing about $2bn in assets, is to close down and return money to investors. Daniel Benton, co-founder of Andor, is retiring from managing outside capital after 24 years in the investment business, he told investors on Wednesday in a letter seen by the Financial Times. Andor was spun off from Art Samberg’s Pequot Capital Management in 2001. He built a reputation as a leading technology investor at Pequot, following years as a star technology analyst at Goldman Sachs.

“My desire to devote more time to my family and other interests runs counter to the obligations of a hedge fund manager who must be immersed in the markets in order to meet client expectations,” Mr Benton said. People with knowledge of Andor’s performance said its stock fund has lost some money this year amid the market turbulence that has caused troubles for many hedge funds, but was by no means among the worst performers.

Investors in Andor will receive money back starting in October, according to the letter. The fund will continue investing until the end of September after which final payments will be made following the completion of an outside audit for the period ending September 30 2008.
Mr Benton had a well-publicized split with his co-founder at Andor, Christopher James, in 2004.
A spokesman for Andor did not return calls seeking comment. Read the full story here.

- Richard

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The following piece on Martin Asset Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
_________________________________________________________

Tarzana, California-based alternative investment boutique Martin Asset Management has launched investment strategies based on exchange-traded funds that it says are able to replicate hedge-fund-like returns and risk factors without heavy fees, lock-ups and non-transparent holdings.

“Our approach allows investors to obtain the very same benefits as they would with a hedge fund without the limitations usually associated with hedge funds,” says Francisco Martin, senior managing director of the firm he founded in February 2007.

“We use an investment philosophy similar to global tactical asset allocation that attempts to exploit short-term market inefficiencies by taking positions in various markets with a view to profiting from relative movements across those markets.”

“The approach focuses on general movements in the markets rather than on performance of individual securities within them. Positions are generally taken with a relatively short-term time horizon of three to six months, hence the term tactical asset allocation, and in markets across the globe, hence global.”

Martin Asset Management does not levy an annual management fee but has a 10 per cent performance fee with high water mark. “The transparency of a separate managed account and the elimination of all hedge fund-imposed barriers make our approach much more attractive to the investor,” Martin says.

Earlier this year Martin Asset Management established the Ilios Alternative Energy Fund, a long-biased fund that invests in public companies involved in wind, solar, hydro, geothermal and biomass energy, and hedge certain exposure using inversely correlated ETFs from PowerShares.

- Richard

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Fortress Investment Group LLC

The following piece on Fortress is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
___________________________________

Resource #1: (3.18.09) The Fortress Investment Group, the beleaguered private investment firm, said Monday that it lost $258 million in its fourth quarter, amid investment losses and withdrawals from investors. Its assets under management dropped 10 percent, to $29.5 billion.

Fortress said that it had reserved $299 million for potential write-downs and the clawback of obligations. It also said that it had amended its financing agreements with lenders and paid down some of its debt to leave $604 million outstanding. source

Resource #2: (2.5.09) The five hotshots who took Fortress Investment Group public were worth billions at first. Today they look like arrogant showboats, and their story helps explain why hedge funds are imploding by the thousands—and why there’s still a truckload of money to be made.

It used to be that to become a billionaire, rather than a mere millionaire, you had to inherit money, or build an empire that would last for a long, long time. But in the era that has just ended, you could become a billionaire just by managing other people’s money. You didn’t have to do so for very long—and, maybe, you didn’t even have to do so very well. source

Resource #3: (12.8.08) If there’s one alternative investments firm that doesn’t need its name dragged through the mud right now, it’s Fortress Investment Group. But the New York firm, already facing huge redemption requests and a collapsing stock price, finds itself at the middle of the bizarre tale of the New York lawyer arrested in Toronto for allegedly impersonating another lawyer.

Marc Dreier was arrested last week, accused of pretending to be Michael Padfield, a lawyer for the Ontario Teachers’ Pension Plan. The alleged thespian turn by Dreier took place during a meeting between the OTPP and Fortress at the pension’s Toronto headquarters. source

Resource #4 (12.5.08) Tough luck, Fortress Investment Group basically said to investors seeking to pull their money from the company.

Directors of Fortress Investment Group (FIG) voted to temporarily suspend pending redemptions after investors asked to pull out roughly $3.5 billion by year’s end from its Drawbridge funds, nearly as much as the vehicles have in assets.

In other words, Fortress’s hedge-fund shareholders won’t be getting their money back for a while, and investors in the company didn’t take the news well. source

Resource #5: (11.16.08) The hedge fund of billionaire investor George Soros increased its stake in Brazilian state-run oil company Petroleo Brasileiro ( Petrobras) to 21.1 million American Depositary Receipts as of Sept. 30 from 11.5 million at June 30.

Soros Fund Management LLC made the move as the ADRs tumbled during the quarter to about $44 from about $71 each. Although the fund added nearly 10 million ADRs to its Petrobras stake, the value of the holding only rose to $930.7 million from $811.5 million.

Since the end of the quarter, Petrobras ADRs have fallen further, closing on Friday at $21.45.

The Petrobras stake was by far the largest in the Soros fund’s reported holdings, which totaled $3.8 billion at Sept. 30, up from $3.7 billion at June 30. source

Resource #6: Fortress Investment Group LLC, a New York-based manager of private-equity and hedge funds, won’t pay a third-quarter dividend to shareholders, saying the money can be better spent by investing in financial companies.

“Given the significant dislocations in the world’s financial markets, we see tremendous opportunities for the firm to invest capital,” Fortress Chief Executive Officer Wesley Edens said in a statement today. “We are focused on potential investments in banks, insurance companies and other asset- management businesses.”

Fortress has risen 38 percent in the past two weeks in New York trading as investors anticipate private-equity and hedge- fund firms will profit from financial turmoil by snapping up companies and assets at distressed prices. Fortress rose 51 cents, or 3.9 percent, to $13.50 in New York Stock Exchange composite trading today.

Private-equity firms are shifting from the large leveraged buyouts that dominated Wall Street during 2006 and 2007, raising funds to snap up distressed debt and mortgage securities. Fortress oversees about $35 billion. Fortress had paid a dividend of 22.5 cents a share for the past five quarters. The payout for the second quarter was $91.5 million. Fortress Investment Group LLC, the manager of $18 billion in hedge funds, will open a fund to invest in the Middle East and North Africa as countries in the region seek to reduce their dependence on the oil industry. Source

Resource #7: The Fortress MENA Fund LP will be managed by Philippe Peress and is set to begin trading by the end of September, according to marketing documents, which didn’t say how much money the company is seeking to raise. Peress, based in Geneva, has been a managing director and partner of the company’s Drawbridge Global Macro funds since 2003.

“Historically MENA was characterized by low investment rates relative to Asian peers,” New York-based Fortress said in the documents, a copy of which was obtained by Bloomberg News. “This is beginning to change as governments use petro-dollars to diversify the economies away from oil.”

Middle East economies, benefiting from oil prices that tripled in the past five years, will expand 9.2 percent in 2008 as revenue spurs spending on infrastructure such as airports and power plants, New York-based Morgan Stanley has forecast. That’s more than double the International Monetary Fund’s 4.8 percent global growth projection. Read more…

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Best Practices for Hedge Funds

Link – Best Practices for Hedge Funds

The Managed Funds Association has recently put out a new version of their Best Practices Guide. Here is an excerpt from their website on what these are and how to download them:
_______________________________________________________________

The objectives of Sound Practices are to:

* Strengthen business practices of the hedge fund industry through a strong framework of internal policies and practices
* Encourage individualized assessment and application of recommendations
* Enhance market discipline in the global financial marketplace

Sound Practices, which was originally published in 2000 and is now in its fourth edition, provides peer-to-peer recommendations for establishing standards of excellence in virtually every aspect of business. The recommendations included in Sound Practices are divided among the seven topics listed below:

* Management, Trading, and Information Technology Controls
* Responsibilities to Investors
* Determination of Net Asset Value
* Risk Management
* Regulatory Controls
* Trading Relationship Management, Monitoring, and Disclosure
* Business Continuity, Disaster Recovery, and Crisis Management

MFA has revised Sound Practices in cooperation with international organizations that share the PWG and MFA’s goal of providing market participants with a framework for establishing uniform principles and guidance for the global hedge fund industry.

Click here for a copy of Sound Practices (please note this is a large pdf file that requires Adobe Acrobat Reader and might take time to download).

- Richard

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Hedge Fund Tracker

Hedge Fund Tracker Tool

The Hedge Fund Tracker tool allows you to view recent publicly available details and events affecting many of the top 1,000 largest hedge funds and fund of hedge funds within the industry.

Hedge Fund Manager Tracker Profiles:

• Abax Global Capital
• Absolute Capital Management | Jonathan Treacher
• Acorn Capital Group
• AguasClaras Investimentos
• Alternatives Derivatives & Investments (ADI)
• Altis Partners
• Analytix Capital
• Anchor Point Capital LLC | Albert Hsu Case
• Andor Capital Management & Daniel Benton
• Angelo Gordon
• Appaloosa Management
• AQR Capital Management
• Aquiline Capital Partners
• Arcanum Capital Management
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• Artradis Fund Management LP
  
• Asset Management Finance Corp
• Atticus Capital
• Autonomy Capital Research, LLP
• Axiom Capital
  
• Avenue Capital Group
• Babylon Fund LP | Hedge Fund Notes
• Balyasny Asset Management LP
• Barington Capital Group LP | Hedge Fund Notes
• Bessent Capital
• BlueCrest Capital
• Blue Mountain Capital Managment, LP
• BlueBay Asset Management
• Blue Ridge Capital Management
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• Boussard & Gavaudan
• Bramdean Asset Management
• Brevan Howard
• Bridgewater Capital
• Brotman Capital Management Hedge Fund
• Brummer & Partners, LP
• Cambridge Place Investment Management
• Carlson Capital Management Partners LP
• Caxton Associates
• Centaurus Capital
• Centaurus Energy
• Cerberus Capital Management LP
• CF Partners | Carbon Hedge Fund
  
• Chenavari Credit Partners LP
  
• Cheyne Capital
• Children’s Investment Fund Management TCI
• Citadel Investment Group LLC
• Clarium Capital Management | Peter Thiel
• Clinton Capital Management LP | Hedge Fund Notes
• Connexion Capital
• Creditor Liquidity Solutions LP
• CQS Capital
• Dalton Strategic Partnership
• Davidson Kempner Capital
• Deephaven Capital Management, LLC
• DE Shaw Group
• Diapason Commodities Management SA | Commodity Management
• Drake Capital Management LLC
• Drury Capital CTA Fund
• Durrant Capital Management, LP
• Duquesne Capital Management
• Eclectica Asset Management
• Ellington Management
• Elliot Associates
• ELP Capital
• Epic Capital Management LP
• Eurasia Capital Management
• ESL Investments | Edward Lampert
• Eton Park Capital
• Farallon Capital Management Partners LP
• Financial Risk Management (FRM) Investment Management
• First State Investments | Media Works
• Fleming Family & Partners
• Fortelus Capital Management
• Fortis Investments Hedge Fund
• Fortress Investment Group LLC
• Four Elements Capital Management
• Four Elements Capital Management, LP
• FrontPoint Partners
• Fuchs Capital Partners
• GLG Partners
• Goldman Sachs Hedge Fund
• Goldman Sachs Hedge Fund Launch
• Gottex Fund Management
• Gradient Capital Partners
• Greylock Capital Management
• Halcyon Asset Management
• Harbinger Capital Partners Hedge Fund
• Headline Investment Management
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• Henderson Group PLC
• Highbridge Capital Management LLC
• Highland Capital Management
• Invecture Group
• Jabre Capital Partners SA | Philippe Jabre
• Jana Partners | Hedge Fund Notes
• JO Hambro Capital Management Ltd.
• Juridica Investments
• Kenmar Group
• Kynikos Associates
• K2 Advisors
• Lansdowne Partners | Paul Ruddock
• Lasair Capital LP
  
• Lawrence Asset Management LP
• LIM Advisors
• L & G Investment Management
  
• Lucas Capital Management
• Man Investments Group
• Martin Asset Management
• Maverick Capital LP
• MedCap Management and Research | Charles Toney
• Metropolitan Capital Advisors
  
• Millennium Partners
• Mitsui & Co.
• Moore Capital Management, LP
• New Star Asset Management
• R.G. Niederhoffer Capital Management
  
• OakRun Capital LLC
• Och Ziff Capital Management Group
• Odey Asset Management
• Olympia Capital Management
• Oracle Evolution Oracle Services | Spiro Germenis
• Ospraie Management LLC
• Oxford Funding Corporation
• Palatine Asset Management
• Paskewitz Asset Management
• Paulson Invesment Company
• Pequot Capital Management Hedge Fund
• Perry Capital
• Pershing Square Capital Management
• Pharos Fund
• Pirate Capital
• Platinum Asset Management
• Platinum Grove Asset Management, LP
• Polar Capital
• Polo Capital Fund
• Powe Capital Management LP | Rory Powe
• Priapus Investment Fund LLC
• Psigma Investment Management
• Pure Capital LP
• Quadrangle Group LLC
• R3 Capital Partners LP
• RAB Capital Plc
• Rady Asset Management
• Ramius Capital Group LLC
• Renaissance Technologies
• Ritchie Capital
• RMB Asset Management International | Tom Joy
• SAC Capital Advisors, LP
• SageCrest LLC
• Sageview Capital LLC
• Sandell Asset Management Corporation
• Salida Capital | Hedge Fund Notes
• Satellite Asset Management
• Sciens Capital Management LP
• Sellers Capital
• Sextant Capital Management
• Sloan Robinson
• Blue Wave Capital
• Sparx Group Co. Ltd
• SRM Global
• SSI Investment Management
• Steelhead Partners LP
• Sugarloaf Rock Capital
• System Absolute Return (SAR)
• T2 Capital Partners
• Tai Tam Capital
• Tantallon Capital
• Temujin Global Asset Management
• Tenaska Capital Management LP | Hedge Fund Notes
• Thames River Capital
• The Blackstone Group | Kailix Advisors
• The NIR Group LLC | Alternative Investments Hedge Fund Notes
• The Spanish River Group
• Third Point Partners | Daniel Loeb
• Threadneedle Asset Management | Hedge Fund Notes
• Tontine Associates
• TPG-Axon Capital
• Trafelet & Co.
• Traxis Partners LP
• Tremblant Capital Group | Bret Barakett
• Tudor Capital
• Vallea Capital
• Veritas Asset Management
• Viresco International Capital Management
• Viking Global Investors
• Vision Capital
• York Capital

Fund of Hedge Fund Tracker Profiles

• Eucalyptus Investment Funds

Hedge Fund Tracker Profiles Coming Soon

• Sky Investments
• Silvermine Partners LLC
• P.A.W. Partners
• Norton Capital Management LLC
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• Vega Asset Management
• Toscafund Asset Management
• Red Kite
• Polygon Investments
• Jabre Capital Partners
• Marshall Wallace
• London Diversified Fund Management
• KBC Alternative Investment Management
• Hermitage Capital Management
• GLC Partners
• Gartmore Capital
• Fulcrum Asset Management
• Ferox Capital
• Egerton Capital
• CQS Capital
• Barclays Global Investors
• Touradji Capital
• Silver Point Capital
• PSAM | Peter Schoenfield
• Omega Advisors
• Magnatar Capital
• Kingdon Capital
• JWM Partners
• Icahn Partners
• Highfields Capital
• Dillon Read
• Convexity Capital
• Tribeca Capital
• Cantillon Capital
• LIM Advisors
• Artradis Fund Management
• Basis Capital
• ADM Capital
• Vega Asset Management
• Toscafund Asset Management
• Red Kite
• Polygon Investments
• Jabre Capital Partners
• Marshall Wallace
• London Diversified Fund Management
• KBC Alternative Investment Management
• Hermitage Capital Management
• GLC Partners
• Gartmore Capital
• Fulcrum Asset Management
• Ferox Capital
• Egerton Capital
• CQS Capital
• Cheyne Capital
• Centaurus Capital
• Boussard & Gavaudan
• BlueCrest Capital
• BlueBay Asset Management
• Barclays Global Investors
• York Capital
• Tudor Capital
• Trafelet & Co.
• TPG-Axon Capital
• Touradji Capital
• Silver Point Capital
• PSAM | Peter Schoenfield
• Perry Capital
• Paulson Invesment Company
• Omega Advisors
• Magnatar Capital
• Kynikos Associates
• Kingdon Capital
• JWM Partners
• Icahn Partners
• Highfields Capital
• FrontPoint Partners
• Elliot Associates
• Dillon Read
• DE Shaw Group
• Convexity Capital
• Tribeca Capital
• Centaurus Energy
• Blue Wave Capital
• Cantillon Capital
• Bessent Capital
• North Sound Capital
• Norfolk Markets
• Newbury Partners LLC
• Monitor Capital Inc.
• Lone Pine Capital
• Kideral International
• JD Capital Management LLC
• Fossel Capital
• Dune Partners LLC
• Diamondback Advisors LLC
• DCF Capital
• Blue Orchid Capital
• Basso Capital LP
• Badon Hill Asset Management

Hedge Fund Professional Tracking

• Dwight Anderson
• Mark McGoldrick
• Phillip Richard
• Greg Coffey
• George Soros
• Mario Gabelli
• John Devaney
• Stanley Fink
• T. Boone Pickens
• David Einhorn
• Kenneth Griffin
• Andrew Lo
• Emmanuel Roman
• Andrew Lahde
• Hedge Fund Manager Bios

Quick Link: Geographical Hedge Fund Guides

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Iveagh Family Office

Iveagh Fund Launched

The family office created over 120 years ago to protect and grow the wealth of the Guinness family has launched a new fund. While many funds started by traditional wealth management firms are somewhat frowned upon in the industry or more heavily scrutinized I would think that if done right a family office fun could do very well. Family offices have unique needs – in having the right mixture of volatility, performance and reporting…and who best to understand those needs than another family office? Here is excerpt from the article:

Iveagh, the family office created 122 years ago to manage money for the Guinness family, has broadened the service it offers specifically to wealthy clients with the launch of a multi-asset fund targeting an annualized return of 9.5%.

The Iveagh Wealth fund is managed by the former senior vice president of Alliance Capital, John Ricciardi and Cambiz Alikhani, who joined Iveagh in September 2002 from Morgan Stanley to develop its fixed income proposition.

Extra input is provided by the Iveagh Investment Committee (IIC).
The fund combines valuation and behavioral analysis in a bid to achieve absolute returns over a market cycle.

It is a mirror of the Iveagh wealth management portfolio, which employs the optimization and asset allocation strategies Iveagh uses for its high net worth clients.

The optimized portfolio universe is drawn from alternatives (private equity, venture capital, hedge funds and structured products), real assets (precious metals, natural resources, global real estate), major market equities, emerging market equities, bonds and cash. Investments are almost entirely daily dealing quoted securities.

Meanwhile, the tactical asset allocation (TAA) strategy aims to increase the portfolio return and reduce downside risk by making tactical adjustments to holdings on a quarterly basis….

Read the full story here.

- Richard

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• Investing Book
• Family Office Services
• Family Owned Businesses
• Family Office Jobs
• Family Office Consultants
• Virtual Family Offices
• Philanthropic Giving
• Family Office Marketing
• Family Office Resources
• Fund of fund

Permanent Link: Iveagh Family Office Fund Launch
Tags: Iveagh Family Office, Guinness Family Office, Family Office of Iveagh, Family Office Hedge Fund, Family Office Investment Fund, Family Office Investment Funds