RMF has selected and commenced sponsorship of a managed futures start-up fund and a Japanese event driven fund through its Hedge Fund Ventures (HFV) programme.
The Coromandel Trend Fund was seeded with substantial capital on 1 September 2003 and marks HFV's first investment in the managed futures area.
Coromandel applies a systematic trading approach based on trend following and breakout patterns. It is managed by Paul Firkins, an experienced trader who achieved success managing the Falcon Trend Selection Fund for Gulf International Bank (UK) Limited.
MAR and TASS ranked that particular fund in the top 20 on a risk weighted return basis over 1 and 3 years. Firkins' previous employers include UBS, Nippon Credit Bank, Merrill Lynch, Nomura and Goldman Sachs.
Claude Porret, Head of HFV at RMF, said: "We are very pleased to have made our first investment in the managed futures style segment. We are convinced that in Paul Firkins we have chosen a manager who will deliver risk-adjusted returns in accordance with our investment philosophy."
Coromandel is the sixth fund sponsored by RMF's HFV programme.
RMF has also sponsored a Japanese event driven start-up fund called Stone Harbour Advisors through its HFV programme.
The fund focuses on opportunities in the Japanese securities markets and applies merger arbitrage, distressed securities, tactical trading and relative value strategies.
Michael Porten, the principal of Stone Harbour Advisors, is based in Hawaii. A veteran of the industry, he has worked for Goldman Sachs, BZW/Barclays Capital, Everest Capital and Teton Partners.
Porret said: "We regard Michael as one of the elite event driven managers focusing on Asia. We anticipate that the launch of Stone Harbour Advisors will be one of the largest hedge fund launches this year."
Stone Harbour is the seventh fund sponsored by RMF's HFV, the others being:
* Westbury European Hedge Fund Ltd., a European equity market neutral fund
* Brookville Capital L.P., a US distressed and special situations fund.
* Catalina Capital Ltd, a European relative value fund.
* Arlington Hill Debt Strategies, a US global macro fund.
* Drake Global Opportunities Fund, a US relative value and global macro fund.
* Coromandel Trend Fund, a systematic CTA fund.
Background Note: RMF is the leading provider of alternative investment solutions in Europe, specialising in hedge funds, leveraged finance and convertible bonds. RMF is headquartered in Pffafikon, Switzerland, and also has offices in London, New York, and the Bahamas. RMF currently manages over USD 12 billion of assets, with approximately USD 10 billion invested in fund of hedge fund products. IN 1992, RMF began as an operative hedge fund manager with a mandate for one of the world's most prestigious market neutral hedge funds, and since then has continued to focus on servicing investors by providing a range of comprehensive products and solutions. RMF is part of Man Investments, the asset management division of Man Group plc, an FTSE 100 company.
Man Investments is an independent and global leader in alternative investments, providing innovative products and tailor-made solutions for private and institutional clients. Through its core investment managers, Man has succeded in developing specialised strengths in different asset classes - hedge funds, private equity, leveraged finance convertible bonds. Established in 1983, Man has launched over 200 products, many of them with leading financial institutions. It manages over USD 30 billion and employs more than 700 people worldwide. Man's headquarters are in Switzerland and London and it also has regional offices in Chicago, Hong Kong, the Middle East, Montevideo, New York and the Middle East, Montevideo, New York and Tokyo.
Copyright Hedgeweek 2003