Alterra Capital partners with UK-based Fortune Asset Management and brings Canadian investors a new |
Date: Tuesday, November 30, 1999
Author: Pr
Alterra Capital partners with UK-based Fortune Asset Management and brings Canadian investors a new approach to hedge fund investing Toronto, June 6, 2007
Alterra
Capital today announced it has entered into an exclusive partnership
arrangement with UK-based
Fortune
Asset Management to provide sub-advisory services to Alterra's hedge fund
products, access to
Fortune’s
hedge fund portfolio platform and enter into cross marketing opportunities.
Jit
Mistry, Alterra's CEO said "We are excited about our relationship with
Fortune and our entry into the
Canadian
hedge fund marketplace. Our approach has always been to bring unique and
relevant
alternative
investment ideas to our Canadian clients. This relationship works well with our
philosophy as
Fortune’s
hallmarks are entrepreneurship, transparency, a proven process, and a
successful track record.
Theirs
is the platform on which we will build our presence in
In
the coming months, Alterra will be introducing a new concept in the hedge fund
space which will
address
two of the most challenging aspects of this asset class, namely; transparency
and liquidity. The
new
structure will be based on what is known as a “Managed Account” platform.
Instead of the current
practice,
of purchasing units of the underlying hedge fund manager’s Limited
Partnerships, this new
structure
will simply give the underlying hedge fund manager the right to manage a part
(or an account) of
the
Alterra Fund. This is the Managed Account aspect of the new structure. This
structure will provide
the
Alterra Fund a level of security, transparency, efficiency and liquidity
virtually unheard of in the hedge
fund
space. The fund will be the first of its kind for a multi-manager,
multi-strategy hedge fund. Subadvisory
for
the Fund will be led by Jack Schwager, a former Director of Derivates Research
with leading
Wall
Street firms and portfolio manager, who is renown for his best-selling Market
Wizards series,
chronicling
the world best traders, and his Schwager on Futures series, regarded as one of
the most indepth
reference
works in the field. Instead of investing in hedge funds by buying units
directly into Limited
Partnerships,
the fund will direct all underlying managers to establish accounts on a managed
accounts
platform.
According to Mr. Schwager, “The Alterra Fund will essentially own the same
investments, but
with
the transparency, liquidity and valuation of which most funds of funds can only
dream”. Alterra will
also
be introducing a customized portfolio platform designed primarily for Ultra
High Net Worth investors,
family
offices and institutional investors. Mr. Mistry further adds, "This
customization platform is ideal for
investors
who require something more than a 'one size fits all' multi-manager,
multi-strategy hedge fund
program.
In partnership with Fortune, we will be able to construct customized solutions
that will fit within
the
overall context of existing portfolios to achieve specific objectives within
stated constraints".
Simon
Hopkins Fortune’s Managing Director said "Fortune is pleased to enter into
this exclusive jointventure
with
Alterra. The firm is staffed with highly experienced professionals who
understand the issues
individual
and institutional investors in hedge funds face, and our platform is an ideal
fit in helping Alterra
create
and deliver the solutions to Canadians."
About
Alterra Capital
Alterra
Capital is a private Canadian specialized asset management firm that focuses
upon the creation of
non-traditional
and non-correlated asset based solutions with an international orientation in
equity,
income
and portfolio overlay strategies. The firm operates in both the private client
area through select Affluent Canadian Families and Wealth Advisory Firms and in
the institutional area for clients such as
foundations,
endowments and pensions.
Alterra
was founded by a team of financial services professionals who have more than 75
years of
combined
experience in all stages of business development: from start to maturity,
business strategy, and
investment
product development.
About
Fortune Asset Management
Fortune
Asset Management is a
the
world's top performing multi-manager and single manager hedge fund products as
well as customized
portfolio
management for a range of private wealth management groups, family offices,
insurance
companies,
banks and both public and private pension funds. Since 1996, Fortune and its
subsidiary
company,
Global Fund Analysis (GFA), have been pre-eminent names in manager selection
and fund
evaluation
in the alternatives arena. The firm has also provided seed capital to many of
the nascent
hedge
funds in
Close
Brothers Group, an independent merchant banking group founded in the City of
years
ago. The asset management division of the Close Brothers Group manages USD 15.5
billion of
assets
(as at 31 July 2006), approximately half of which are invested in alternatives.
Since 1996, Fortune
has
provided hedge fund recommendations to over 800 institutional clients.
Since
November 2001, the firm has developed a hedge fund management business which
today
oversees
in excess of USD1.2bn of hedge fund investments across a range of funds.
Fortune is
authorized
and regulated by the Financial Services Authority in the
management
services and registered with the U.S. Securities and Exchange Commission as an
investment
adviser.
For
further information, please contact:
Jit
Mistry
Chief
Executive Officer
Alterra
Capital
(905)
901-9788
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