Mon, 25/06/2007 - 07:00
Forsyth Partners has agreed a further deal with Korea Development Bank Asset Management involving a USD10.35m direct investment into one of the firm's funds of hedge funds, the Forsyth Alternative Income Fund.
The new investment follows an initial agreement by KDB Asset Management with Forsyth in March this year, as well as previous investments totalling USD25m in 2005 and 2006 from other Korean asset managers on behalf of two pension funds and one life insurance company portfolio.
The Forsyth Alternative Income Fund was established in March 2003 and aims to deliver strong total returns by investing in a diversified portfolio of hedge fund strategies and managers with a bias towards fixed income. Since its launch the fund has returned a total of 38.60 per cent in US dollar terms and 3.82 per cent so far in 2007.
Says Ki-Won Suh, chief investment officer for alternative investments at KDB Asset Management: 'This further deal with Forsyth Partners highlights our good relationship with them and our belief that the Forsyth Alternative Income Fund can continue to provide us with an important part of our portfolios.'
David Kim, regional director of Forsyth Partners (Korea) says: 'We are delighted that Korea Development Bank Asset Management has placed their trust in us again and look forward to continuing to work with them in the future.'
Forsyth Partners, which has more than USD1.8bn in a range of funds and managed accounts and advises on some USD2bn in advisory contracts, has more than 600 clients in more than 55 countries and offices in the UK, Zurich, Sofia, Cape Town, Hong Kong, Seoul, Taipei and Montevideo as well as Dubai.
The firm's range of international offshore funds allows access to a full range of asset classes including equities, fixed interest, hedge, property and commodities. The Forsyth Managed Selection Series range includes international equity and bond funds of funds, while the Forsyth Tailored Selection Series currently contains Forsyth Lodsworth Global Emerging Market Debt Fund. Forsyth Partners also manages a range of hedge fund of funds as well as the multi-asset class Forsyth Managed Strategies series.
The Forsyth Alternative Income Fund has assets of USD406m and is available in US dollars, sterling, euro, yen, Norwegian krone, Swedish krona and Australian dollar share classes fully hedged. The fund's distribution-paying shares aim to pay dividends every six months in March and September. Forsyth charges an annual management fee of 1.5 per cent and a performance fee 20 per cent on annual returns exceeding 7 per cent.
The fund currently invests with 71 managers, including 24 fixed income, 12 event-driven, six managed futures/CTA, five global macro, mortgage-backed securities and multistrategy, and four distressed and high-yield as well as foreign exchange. The largest single allocation is 5.15 per cent to an event-driven manager.
Supported by associations with Korea Development Bank, a public investment bank, and Daewoo Securities, a leading research and brokerage company, KDB Asset Management is seeking to become a leading asset manager in Korea, currently having USD5.48bn in assets under management.
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