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BluMont Capital selects Sherpa Asset Management to tend Core Hedge Fund

Date: Wednesday, June 2, 2010
Author: CHW

BluMont Capital has announced that Sherpa Asset Management will be awarded the exclusive investment management duties for the BluMont Core Hedge Fund, effective July 1, 2010.

"Sherpa is an exciting new investment manager for the fund with a robust investment program that we believe will quickly add value for its unitholders," said James Wanstall, CEO of BluMont Capital. "BluMont Capital welcomes David and the team at Sherpa and we look forward to them bringing this expertise to the Fund's unitholders."

Vancouver-based Sherpa will employ a market neutral strategy for the fund. The firm is headed by David Guarasci, a 17 year veteran and former global head of currency, spot and options trading at TD Securities's proprietary desk.

When Sherpa takes over the fund, BluMont Capital will change the performance fee calculation from a unitholder-based to a fund-based fee structure to bring the fund in line with current industry standards. The net asset value per unit over which performance fees will be charged to the Fund will be set at 105% of the net asset value per unit as at June 30, 2010