Boussard & Gavaudan Asset Management, LP is applying to list Sark Holding Limited, a new multi-strategy closed-ended investment company, on Euronext Amsterdam NV's Eurolist by Euronext.
The company will be subject to supervision by the Authority for the Financial Markets and the Guernsey Financial Services Commission.
Sark Holding will seek long-term appreciation of its assets through exposure to alternative investment strategies managed by the B&G Asset Management, a manager with approximately EUR 1.2 billion of assets under management as of 31 July 2006, spread across four funds. The proceeds of the IPO will initially be invested in B&G Asset Management's award-winning Sark Fund, which has enjoyed a strong track record of risk-adjusted performance since its launch in March 2003. Sark Holding aims to list on the Eurolist by Euronext in Amsterdam in 2006.
Alignment of shareholder and manger interests - performance fee with high watermark, significant management investment at IPO and an employee bonus scheme. incorporating a 50%, 18-month deferred element invested in Sark Holding.
'B&G Asset Management is delighted to be creating a new closed-ended investment company for investors seeking access to the alternative strategies that B&G Asset Management has deployed with such success for its flagship, multi-strategy Sark Fund," says Emmanuel Gavaudan, CEO of B&G Asset management. "Sark Holding will aim to generate a net annualised return of 10% to 15% regardless of the direction of equity markets.
'Sark Holding is a groundbreaking single manager alternative investment company. Through its permanent capital structure, Sark Holding will provide real liquidity to investors around the work wanting greater control over the management of alternative investment exposures."