RMF seeds Climate Change Capital Carbon Fund
RMF, a core investment manager of Man Investments, has agreed a seeding arrangement with the CCC Carbon Fund.
The fund is an investment vehicle that acquires emission reduction rights from companies and other entities and repackages them as tradable instruments.
The intended clientele for theses instruments are companies seeking to meet their compliance obligations in regards to emission standards, or to fulfil related initiatives for commercial purposes.
The CCC Carbon Fund is managed by Climate Change Advisory Ltd, a subsidiary of London-based Climate Change Capital (CCC) Group, while the seeding arrangement itself is being established via RMF's Hedge Fund Ventures programme. Rupert Edwards will lead the portfolio management of the fund at CCC and James Cameron will lead research. The role of Risk Manager/COO will be assigned to Andrew Pearson while 10 or so other CCC professionals will also be involved in managing the fund.
The backgrounds of these executives highlight the wealth of experience supporting the activities of the group.
Before joining CCC, Edwards spent 14 years at JP Morgan in London, heading up the European Government Securities Trading Business. Cameron, a co- founder of CCC, has spent much of his career working on climate change matters and is a leading expert on environmental law, while Pearson has over eleven years experience in the London financial markets, working mostly in structured finance.
"We strongly believe that the CCC Group is at the forefront of a market that is going to expand rapidly," said Claude Porret, head of the Hedge Fund Ventures programme at RMF and a member of the RMF Management Committee. "Partnering up with such an experienced group of industry pioneers will help us kick-start our exposure in this new asset class and is a testament to our dedication to extract value in new areas that have not yet been arbitraged-out."
The CCC Carbon Fund joins a growing list of funds in RMF's Hedge Fund Ventures portfolio, including:
• Brookville Capital, a US distressed and special situations fund
• Arlington Hill Debt Strategies, a global fixed income arbitrage fund
• Drake Global Opportunities, a relative value and global macro fund
• Coromandel Trend Fund, a systematic CTA fund
• Stone Harbor Advisors, a Japanese event-driven fund
• Derchin Offshore, a US long/short equity fund
• Panton Capital, a US credit arbitrage fund
• Azura Asia Opportunity, an Asian multi-strategy macro fund
• Pyrenees Weather and Energy, an event-driven fund
• D3 Partners, a relative value fund
• Phoenix Japan Fund, a long-short equity hedged fund
• ISP Event Linked Securities Fund, an event-driven fund
Background notes: Man Investments is an independent and global leader in alternative investments, providing innovative products and tailor-made solutions for private and institutional clients. Through its core investment managers, Man Investments has succeeded in developing specialised strengths in different alternative asset classes - hedge funds, leveraged finance and convertible bonds. Established in 1983, Man Investments has launched over 450 products, many of them with leading financial institutions. It manages about USD 43.5 billion and employs more than 1,100 people worldwide. Man Investments' headquarters are in London and it also has regional offices in Chicago, Hong Kong, the Middle East, Montevideo, New York and Tokyo. Further information on Man Group can be found at www.maninvestments.com
RMF is a leading provider of alternative investment solutions in Europe, specialising in hedge funds, leveraged finance and convertible bonds. RMF is headquartered in Pfäffikon/SZ, Switzerland, and also has offices in London, New York and the Bahamas. RMF currently manages over USD 18.4 billion2 of assets; with approximately USD 16.2 billion invested in fund of hedge fund products. RMF began as a hedge fund manager in 1992 with a mandate from one of the world's most prestigious market neutral hedge funds. Since then it has focused on servicing investors by providing a range of comprehensive products and solutions. RMF is part of Man Investments, the asset management division of Man Group plc, a FTSE 100 company. 2 as at 30 June 2005
The Climate Change Capital Group provides financial services and products to organisations affected by climate change policy as well as adaptation to, and the physical consequences of, climate change and the responses to energy security of supply. The CCC value proposition is that superior policy and market knowledge leads to superior investment decisions in markets created by government policy. Therefore, the Company has, at its heart, a core competence of markets and policy research in the areas of climate change, environment and energy. This manifests itself into a clear understanding of the associated markets of Clean Power, Clean Fuels, Clean Technology and Carbon Finance with regard to their economics and technologies. The Group, through its subsidiaries, either currently provides or intends to provide, corporate and project finance advisory services, market making and trading of environmental commodities and asset management and investment advisory services for its clients in these four markets.
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