Fri, 05/10/2007 - 06:54
Thames River Capital has announced its intention to raise up to GBP50m, with an upper limit of GBP100m, through a placing and offer for subscription in its GBP159.4m fund of hedge funds, Thames River Hedge+.
According to Thames River, the fundraising is in response to investor demand following outstanding performance from Ken Kinsey-Quick and his team. The fund has achieved an annualised return of 11.5 per cent since launch, according to manager estimates.
'It's extremely encouraging that we are continuing to see strong demand for Hedge+,' Kinsey-Quick says. 'The bursting of the credit bubble, and the consequent re-pricing of risk, looks to be creating exciting investment opportunities, especially in the distressed area, over the next 12 to 24 months.'
Between October 1, 2006 and September 28 this year, the price per sterling share rose by 29.6 per cent from 116.5 pence to 151 pence, while the price per euro share increased by 33.7 per cent from EUR1.04 to EUR1.39. The price per US dollar share, first issued last November, rose by 25 per cent from USD1 on November 27 last year to USD1.25 on September 28, when the sterling, euro and dollar shares were trading at premiums of 4.1, 3.3 and 3.9 per cent respectively to their net asset values.
'While many hedge funds suffered during August's market turbulence, Ken and his team have continued to deliver outstanding performance for shareholders,' says Thames River chief executive Charlie Porter. 'We are delighted that Hedge+ continues to attract interest both domestically and from across Europe.'
Managed by Kinsey-Quick and Alex Kuiper, Thames River Hedge+ was launched in February 2004 with the aim of achieving absolute returns in excess of 10 per cent per annum over a cycle through opportunistic investment in a portfolio of both directional and non-directional hedge funds. It is a closed-ended Guernsey domiciled protected cell company listed on the Channel Islands and London stock exchanges.
Thames River Capital was established in 1998 and, together with its affiliate Nevsky Capital, managed more than GBP5.5bn in assets at the end of August in a range of multi-manager hedge funds, property funds, Ucits III funds and long/short funds investing in emerging market equities, European equities, Japanese equities, global credit markets and OECD sovereign bonds. The firm has 148 staff including 82 investment professionals and 24 sales and marketing personnel.
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