Channel Islands fund of hedge funds manager Dawnay Day Milroy has announced a management buyout and rebranding, ending a five-year affiliation with troubled UK-based investment group Dawnay Day.
Dawnay Day Milroy, which has USD1.2bn in assets under management, will in future trade as Corazon Capital Management. The firm was founded in 1997 by Robert Milroy and in 2002 concluded a licensing agreement to use the Dawnay Day name, although it remained managed and owned from the Channel Islands.
Up to now half of the firm's shares have been held by its management and the remainder by private shareholders and investors in the Channel Islands. The buyout of these shareholders is being led by joint managing directors Robert Milroy and Paul Meader and funded by the management team.
The firm, which seeks to generate outstanding risk-adjusted returns from globally diversified portfolios, has averaged better than 10 per cent annual performance over the past decade and generated positive returns every year for its private and institutional clients.
'This will allow the broad management team to take the business to the next level,' Milroy says. 'Our ability to execute a management buyout at this time when markets have been in such turmoil is testament to the stability created by an absolute return approach to investing. We have preserved and enhanced capital over the bear market cycle, creating strength in our business and value for clients and stakeholders alike.'
Adds Meader: 'Our new Corazon identity will allow us to capitalise on more than 10 years of growth and success. We continue to focus on our long-term expansion plans, such as our forthcoming Geneva office opening and a series of innovative product launches.'