Fri, 06/07/2007 - 07:00
The Glasgow Mackintosh Fund, a pan-European long/short equity fund with a focus on UK mid-cap stocks, is opening up to new investors following its inaugural year, during which it has been operating with seed funding from Hardt Group Alternative Investments.
Says Stefan Henrich, managing director of Hardt Group in London: 'The fund has performed consistently over the past 12 months, while keeping volatility low.'
To gear up the marketing effort, Glasgow Investment Managers has appointed Stewart Adams as managing director of open-ended funds with a mandate to expand the investor base and fund range, and to increase assets under management.
The Glasgow Mackintosh Fund is managed by a highly experienced investment team of five headed by Michael Nicol, who has 25 years' overall investment experience including five years as co-manager of a long/short equity fund.
'The long-short strategy we are taking with the Mackintosh Fund aims to generate profits through the successful selection of a diversified portfolio of individual equity positions, whilst reducing the impact of market-wide price movements,' Nicol says.
The investment team is rewarded on the basis of success, splitting a performance fee equally with the company. The team reinvests 50 per cent of its share of the performance fee back into the fund, with a three-year lock-up.
Glasgow Investment Managers, which was established in 1986 and currently has funds under management of around GBP450m, is an independent company controlled by its retired founder and current staff, managing assets for a range of clients including investment trusts, pension funds, an OEIC and a hedge fund.
The Mackintosh Fund is a Cayman Islands-domiciled master/feeder structure listed on the Irish Stock Exchange, and has a minimum investment of EUR100,000. Redemptions may be made monthly and there is no entry fee, although an exit fee applies in the first year.
There is an annual management fee of 1.5 per cent of the fund's net asset value, plus a performance fee of 20 per cent of the performance of the NAV above the previous high water mark.
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