Broadstone Fund Management (BFM), part of Broadstone Capital Group, has received its Investment Intermediaries Act (IIA) authorisation from the Irish Financial Services Regulatory Authority (IFSRA).
BFM, an institutional quality‚ alternative investment manager, also announced that it will launch two hedge funds at the end of January. Both funds are to be listed on the Irish Stock Exchange from February 2004.
The first fund, Broadstone Avenir Fund is a global macro fund managed by Gerry O'Neill, which will invest in a portfolio of fixed interest, equities, currencies and commodities.
The second fund, Broadstone Mespil Fund, is a European long short equities fund managed by Jean-Paul Poggi, which will invest in European large cap stocks. Both funds will seek superior risk-adjusted returns through the use of specific investment processes developed within Broadstone. Goldman Sachs will act as prime broker to both funds. The administrator is Tranaut Fund Administration (Ireland).
O'Neill said: "BFM intends to deliver superior risk-adjusted returns uncorrelated to traditional investment products. Capital preservation, combined with modest volatility is underpinned by sound risk management. To this end we have invested significantly in Broadstone's in-house technology and risk management systems. Broadstone is committed to providing the highest calibre of investment management service in the market".
BFM intends to list additional funds over the next 18 months which will allow professional investors the option of switching between funds to allow investors to take advantage of market opportunities. Each of its investment strategies will have monthly liquidity.
The Broadstone Group combines a solid mix of an experienced trading team coupled with an internationally experienced management team. The Group's founder and Head of Trading, Gerry O'Neill, was previously Head of Fixed Interest Trading at ABN AMRO (Dublin) and Managing Director at Kyte Fund Management (Ireland).
While at Kyte, its Funds were ranked in the Top Ten Global Funds‚ in 1999/2000 by Marhedge. The Group Managing Director, David Murray, was Global Marketing Manager for Shell Chemicals before returning to Ireland to assist start-up ventures, mainly in the technology sector.
Murray said: "We are in the middle of a roadshow aimed at attracting institutional investors primarily from the UK, Switzerland and Central Europe."
Murray added: "The firm has positioned itself to meet the global demand for institutional quality‚ funds, with the ability to attract large-scale institutional investment and with multiple products."
Background Note: Established in 2002, Broadstone Capital Group Limited (BCG) is a Dublin-based financial services holding company. BCG consists of three wholly owned subsidiaries: Broadstone Fund Management Limited (BFM), Broadstone Research Institute Limited (BRI) and Broadstone Trading Services Limited (BTS).
Broadstone Fund Management (BFM) received its Investment Intermediaries Act (IIA) authorisation as a regulated Fund Manager to professional investors, from the Irish Financial Services Regulatory Authority (IFSRA) in November 2003.
BFM is an institutional quality‚ Hedge Fund Manager that targets net returns of 10-20% on its Assets under Management (AUM). The firm has positioned itself to meet the global demand for 'institutional quality' funds, with the ability to attract large-scale institutional investment and have multiple products to offer investors. BFM's first Funds will list on the Irish Stock Exchange in February 2004.
Broadstone Research Institute (BRI) develops, protects and patents its own intellectual property (IP) and specialises in market timing, stock selection and risk management. Broadstone Trading Services (BTS) licences some of this IP to financial institutions.
copyright hedgeweek 2004