Andre du Plessis resigns from Coronation Fund Managers

Andre du Plessis has resigned his position of CEO at the London-based funds of hedge funds business of Coronation Fund Managers.


Du Plessis has ended all ties with Coronation, contrary to an earlier press release from the institutional fund management firm announcing the appointment of Charles Barnick as CEO of the London FoHF operation and suggesting du Plessis was moving to the position of Chairman of its Irish operation, Coronation Fund Managers. A later, revised press release makes no mention of du Plessis.


The new CEO Charles Barnick will assume responsibility for the day-to-day management of Coronation's funds of hedge funds business with a focus on global business development for institutional clients and advisers.


Barnick has spent eighteen years in the financial services industry. Since 2003 he has been marketing hedge fund management solutions to institutional investors in continental Europe on behalf of Coronation. Prior to this Barnick spent five years as managing director of financial markets IT solutions businesses and seven years in Frankfurt as general manager of Bloomberg LP.


As at April 2005, Coronation Fund Managers has assets under management globally of USD 10 billion of which USD 1.2 billion is in funds of hedge funds managed by the London operation.


"We are delighted that Charles is joining Coronation Fund Managers as chief executive officer," said Thys du Toit, CEO of Coronation Fund Managers in Capetown. "We know Charles well and have worked closely with him over the last two years, a period during which he has assisted us successfully in developing our European client base."


"His proven track record, familiarity with the investment processes, products and team at Coronation and his in-depth understanding of the needs of institutional investors and their advisers, will be invaluable in the next stage of the company's development.


"Institutional interest in hedge funds continues to increase and Coronation has a long history of providing innovative solutions to this investor group. We have managed fund of hedge funds since 1996, and continue to be committed to this asset class."


Commenting on his appointment, Barnick said: "I am excited about joining Coronation and look forward to continuing to work closely with the team in Europe in taking the company to the next stage of its development. Coronation is attracting increasing institutional interest based on its clear investment philosophy, consistent risk-adjusted returns and specialised sector approach. We have seen a pick-up in business momentum in Europe and we are now looking to increase our efforts globally."


Background notes: Founded in 1993, Coronation Fund Managers is an independent, owner-managed, institutional fund management company. As at April 2005, it has assets under management of USD 10 billion, of which USD 1.2 billion is in funds of hedge funds. Coronation employs 135 people with 25 people in the fund of hedge funds business in London.


Coronation has three specialist funds of hedge fund sector portfolios, developed to meet specific risk and return profiles of clients. The funds have track records of four to over eight years.

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