Glasgow Investment Managers is launching its first hedge fund, the Glasgow Mackintosh Fund, a Pan-European equity long/short fund.
It will be managed by Michael Nicol, who has 23 years of investment experience with a long and proven track record covering the UK, European and Developing European equity markets. He has managed a wide variety of equity funds including hedge funds, investment trusts, pension funds and unit trusts.
The investment objective is to maximise capital appreciation over the long term in a controlled risk environment, with a target return of 12% per annum and volatility of less than 10% per annum.
Michael Nicol, fund manager, Glasgow Investment Managers, says:
'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,' says Nicol. 'The Fund will predominantly be invested in Pan-European Equities through contracts for difference.'
Mike Balfour, Chief Executive, Glasgow Investment Managers, adds: 'The Mackintosh Fund is a new offering from Glasgow Investment Managers and represents our first step into the hedge fund arena. Launching this fund allows us to utilise Michael Nicol's wealth of experience as a manager of Pan-European hedge funds. We have already secured USD 17.5 million seeding from a US investor and intend to attract further investment over the next twelve months.'
Main fund features:
- Minimum investment EUR100,000
- Investment Management Fee of 1.5% per annum of the Net Asset Value of the Company
- Performance Fees and Performance Fee Equalisation = 20% of performance of the Net Asset Value above the previous high water mark
- Redemptions can be made monthly
- There is no entry fee, however, an exit fee applies in the first year
- Fund structure is as a Cayman Islands domiciled master/feeder fund and is listed on the Irish Stock Exchange.
Background notes: Glasgow Investment Managers Limited was established in 1986 and currently has funds under management of around GBP 400 million. Glasgow is an independent company controlled by its retired founder and current staff. Glasgow manages assets for a range of clients, including investment trusts, pension funds and charity funds.