BluMont Capital is making a series of changes to the BluMont Core Hedge Fund, effective 1 July 2010.
Sherpa Asset Management will be awarded the exclusive investment management responsibilities of the fund.
Sherpa, based in Vancouver and headed by David Guarasci (pictured), will employ a market neutral strategy. Guarasci has 17 years of investment management experience and spent ten years as global head of currency, spot and options trading at TD Securities, managing the bank’s proprietary capital.
Guarasci says: "Sherpa is delighted to bring its investment management expertise to both the fund and BluMont Capital. We look forward to providing this service to the fund’s unitholders."
James Wanstall, chief executive of BluMont Capital, adds: "Sherpa is an exciting new investment manager for the fund with a robust investment program that we believe will quickly add value for its unitholders. BluMont Capital welcomes David and the team at Sherpa and we look forward to them bringing this expertise to the Fund’s unitholders."
Concurrent with the appointment of Sherpa, BluMont Capital will be changing the performance fee calculation from a unitholder-based to a fund-based fee structure to bring the fund in line with current industry standards. The net asset value per unit over which performance fees will be charged to the fund will be set at 105 per cent of the net asset value per unit as at 30 June 2010.
BluMont Capital is a wholly-owned subsidiary of Toronto-based Integrated Asset Management, a Canadian alternative asset management company.
