Fri, 19/03/2004 - 08:00
Following its successful flotation on London's Alternative Investment Market earlier this week, RAB Capital is preparing to launch new funds.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The new funds will be a Japan fund managed by Robin Cosgrove and an Energy fund managed by Gavin Wilson.
The launches follow RAB Capital's recent launch of two Dublin-based retail OEICs focusing on European equities (RAB Hedged Investment Fund) and European bonds (RAB Income Plus Fund) respectively, distributed by Saga, the UK-based organisation with 7 million members. Both funds are available inside and outside a Maxi ISA (Individual Savings Account) and are only available with no initial charge via Saga. The funds have a minimum investment of GBP 5,000 with the option to add GBP 1,000 or more at any time. RAB Capital also recently launched a US Hedged Investment Fund.
RAB Capital is a fund management company, focused mainly on managing hedge funds. It manages assets both in funds and in segregated client accounts. It also provides advisory and distribution services to the hedge fund management industry.
RAB Capital was founded in 1999 by Philip Richards and Michael Alen-Buckley with one fund (the RAB Europe Fund), 4 people and around USD 14 million under management. The business currently employs 40 people, has 10 funds and over USD 1.1 billion in assets under management.
Alen-Buckley said: "The flotation is the culmination of five years of working to build an enduring business with a capital structure that is broad-based rather than boutique-based, with a diversified earnings structure based on good performance and solid growth."
Shares in RAB Capital shot up to 38p from the issue price of 25p, valuing the company at more than GBP 130 million. GBP 8 million in new funds was raised from the flotation through a restricted invitation handled by KBC Peel Hunt.
Taken together with the GBP 4 million assets of IS2, the cash shell it bought for the flotation, plus its own cash reserves, RAB Capital is now well placed for significant expansion.
RAB Capital's strategic objective is to continue its development as a fund management business focusing on hedge fund activities. In so far as the regulators allow, RAB Capital will further consider extending its expertise into the retail sector via Hedged Investment Funds. It also aims to continue to grow its existing funds in size and to launch new hedge fund strategies.
Alen-Buckley said: "The intention behind the flotation was three-fold, namely: to have a chance to continue to attract and remunerate the best talent with stock and cash; to raise our profile significantly in terms of our asset strength; and finally, to significantly differentiate ourselves from the rest of the market."
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