hedge fund alert - university of virginia
TRANSCRIPT
Tiger Vet Establishing Multi-Manager VentureA Tiger Management alumnus who most recently ran the University of
Virginia’s $1.7 billion endowment is setting up a fund-of-funds operation.Michael Bills is eyeing an elite group of hedge-fund managers for the planned
fund, called Bluestem Partners. He intends to start trading the Charlottesville, Va.,entity in July with an undisclosed amount of capital. The fund — whose princi-pals include Tim Davis, a former hedge-fund analyst at the University of Virginia— expects to take in as much as $200 million of additional cash on Jan. 1, 2004.
Bluestem won’t disclose the identities of the funds that will receive its alloca-tions. But Bills’ membership in the fraternity of Julian Robertson’s prolific “Tigercubs” is expected to give him access to many of the industry’s top players.
For that reason, and because the University of Virginia’s endowment rakedin large profits and made heavy hedge-fund bets under Bills’ guidance, Bluestemwill probably have an easy time attracting investors. Bills initially joined Tiger
See TIGER on Page 6
Team Puts Finishing Touches on Arb FundThe former head of HBK Investment’s Japanese unit is getting ready to start a
global multi-arbitrage fund with three partners.Bill Park expects to start trading his Aviator Partners and its non-U.S. com-
panion, Aviator Overseas, on July 1 with $100 million. He and his partners willmanage the vehicles through their New York firm, Aviator Fund Management.
They will close the vehicle to new investors on July 1, but continue to acceptmoney gradually from the original investors. They expect to have $250 millionunder management at yearend.
Aviator aims to produce average annual returns of 12-15%, after fees equal to 2% of assets and 20% of profits. It has a minimum investment requirement of $1 million. The partners hope to distinguish themselves based on their expert-ise with various arbitrage techniques, shifting the firm’s capital among thestrategies and adding new ones as needed. Park, who worked as a portfolio
See TEAM on Page 6
Partners Shut Down Firm After Two DecadesDallas hedge-fund shop Regal Asset Management has shut down.The 19-year-old firm returned $300 million this month to investors in Regal
Trading Partners because partners Howard Rachofsky and Beau Purvis are retiring,said president Bill Ward, who is leaving the firm to start his own fund.
The managers decided to end their short-term trading operation after RegalTrading lost about 2.5% in 2002 — the first calendar-year loss it suffered sincea 4% drop in 1984, it’s first year of operation.
Ward plans to launch Headstream Value Partners on May 1, probably with $50million. Joining him will be Josh Smith, one of Regal’s top portfolio managers.Smith’s investments in small- and mid-cap value stocks generated averageannual gains of 23.5% during his eight-and-a-half years at Regal. Smith willserve as Headstream’s lead portfolio manager, although Ward will participate instock selection. Headstream will have more of a long bias than Regal. ❖
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The Weekly Update on the Alternative-Investment Community
6 CAPITAL-INTRODUCTION PLAYERS
2 Macro Player Opens to Outsiders
3 JP Morgan Preps Registered Vehicle
3 Swiss Firm Touts New Marketing Unit
3 Manager Seeks ‘Mutual-Fund Timers’
3 Investorforce Briefs Brokers on Marketing
4 LATEST LAUNCHES
APRIL 23, 2003
Jason Huemer has left his post as chiefoperating officer at York Capital to joinSynthesis Asset Management, a $1 bil-lion fund-of-funds shop in New York.Huemer started at Synthesis on April15. Word has it he’ll spend some ofhis time there helping to build anoperation that will seed start-up fundmanagers. Huemer had been at York,an event-driven shop in New York, forthree-and-a-half years.
New York asset-management firmNeuberger Berman has lured BarbaraDoran from Selalu Partners, a hedge-fund marketing concern. Doran joinedNeuberger April 20 as an institutionalsales staffer selling the firm’s stockresearch to hedge funds. She reports to the head of Neuberger’s equity divi-sion, Jack Rivkin, who she once workedfor at Lehman Brothers. By jumping toNeuberger, she has given up her part-
THE GRAPEVINE
See GRAPEVINE on Back Page
Macro Player Opens to OutsidersA U.K. firm is accepting outside capital for a global-
macro vehicle it has been incubating for the past 10 monthswith impressive results.
Emergent Asset Management eventually hopes to run $1billion via its Emergent Cosmopolitan Macro Fund, which itofficially launched last month with just $7.5 million of cap-ital. Since Emergent started trading the entity on June 1,2002, it has produced a net gain of 38.7%.
Going forward, chief investment officer David Murrin and
senior fund manager Fergus Murison —who are co-managingthe fund — will seek average annual returns of 20%, afterfees equal to 1.5% of assets and 20% of profits. EmergentCosmopolitan has a minimum investment requirement of$500,000, subject to the managers’ discretion.
The managers intend to hold four to six positions withineach of two to five strategies at any given time, making lever-aged investments in stocks, bonds, commodities, currenciesand derivative instruments.
Murrin, who helped start the firm in 1996, brings adiverse background to the fund. He briefly worked in oil
exploration in Papua New Guineabefore joining J.P. Morgan in 1986.While at J.P. Morgan, Murrin trad-ed a variety of products beforestarting the bank’s European mar-ket-analysis group in 1991. He leftthe bank in 1993 to start his ownfirm, Apollo Analysis. He is also amilitary historian.
Murison has held high-levelpositions in the global capital-markets groups at J.P. Morgan,HSBC and Tokyo-MitsubishiInternational, where he workedmost recently as the head of allsales and trading activity. He istrained as an accountant and spe-cializes in bonds, as well as inter-est-rate and currency derivatives.
Emergent Cosmopolitan is thethird fund for Emergent AssetManagement, which is 10%owned by Toronto-Dominion Bankand has never sought outside cap-ital before. The firm currently runs$40 million. Its oldest fund,Emergent Alternative, has producedan average annual return of 11%over the last four years by follow-ing an emerging-markets macrodebt strategy. Emergent Ballistic, anemerging-markets macro equityfund, has returned a cumulative68% over the last two years. ❖
April 23, 2003 2HEDGE FUND
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JP Morgan Preps Registered VehicleJ.P. Morgan Chase’s alternative-investments unit is gear-
ing up to start trading an SEC-registered fund of funds atmidyear.
The J.P. Morgan Atlas Global Long/Short Equity Fund, man-aged by senior analysts Mihir Meswani and Aamer Zahid, willattempt to outperform Morgan Stanley Capital International’sMSCI World Index by allocating money to 12 to 20 hedgefunds.
Atlas Global has a minimum investment requirement of$2 million. Investors must pony up at least $100,000 for eachadditional installment.
The number of multi-manager funds that are registeredwith the SEC is growing rapidly. Many are trying to reachindividual investors who want the extra disclosure thatcomes with registration. But some public hedge funds areseeking pension-fund investors whose holdings of unregis-tered investments are limited by law. ❖
Swiss Firm Touts New Marketing UnitA financial-services firm in Geneva is seeking hedge-fund
clients for a marketing business that it just launched.The five-year-old firm, called Sphinx Consulting, is partic-
ularly interested in representing long/short, global-macroand convertible-arbitrage funds. It’s primarily interested inentities that produce the consistent returns favored by itsSwiss institutional investors.
Sphinx’s plan is to represent just one fund in each strate-gy. In exchange for its services, it will charge an up-frontretainer and will take a cut of the annual management andincentive fees applied to the capital it places with its fundcustomers.
The new venture is headed by Edward M. Karr, Sphinx’scapital-markets manager. Two other Sphinx employees cur-rently work under him, and the firm may hire additionalstaffers for the effort.
Sphinx performs a variety of services for its clients,including accounting, trustee, private-banking and asset-management work. To avoid conflicts of interest, it won’trecommend its hedge-fund clients to its asset-managementcustomers. ❖
Manager Seeks ‘Mutual-Fund Timers’Weston Capital Management has rejiggered its two-year-old
Wimbledon Timing, a vehicle that allocates money to so-called mutual-fund timers.
The Westport, Conn., firm recently added two unidenti-fied funds to the Wimbledon portfolio. Until it made thoseadditions, Weston was funneling all of the portfolio’s capitalto just one mutual-fund timer. It’s seeking to allocate moneyto other hedge-fund managers who whip money amongstock and bond mutual funds, as well as cash positions,
based on market conditions.Wimbledon is emphasizing managers who invest in over-
seas funds, as opposed to vehicles that trade only U.S. stocks.Such mutual-fund timers often plow money into interna-tional funds just as the stock market closes in the U.S.,attempting to exploit the impact overseas.
Wimbledon Timing currently has more than $21 mil-lion under management. Weston believes the vehicle’s sizewill more than triple in the near future, based on thechanges it made on April 1. ❖
Investorforce Briefs Brokers on MarketingInvestorforce’s newest side business is quickly gaining
steam.In January, the Wayne, Pa., company started advising bro-
kerages on how to market hedge funds to investors withoutrunning afoul of regulatory restrictions. The service hasalready attracted five clients, whose staffers are receivingbasic product-and-sales training, including an explanationof the strict marketing limits for hedge funds.
The initiative has also helped Investorforce get its foot inthe door for other consulting services, such as helping onebrokerage find a new manager for a fund of funds it is strug-gling to run on its own.
Brokerage houses need such consulting, in part, becausetheir employees need to learn the basics of hedge funds asinvestors increasingly clamor for the investment vehicles. It’sno coincidence that Investorforce started offering the servicethe same month that the National Association of SecuritiesDealers instructed Wall Street players to take better steps toensure that they’re selling hedge funds to investors with suf-ficient levels of sophistication.
Investorforce is known mostly for its analytics tools thatinvestors use to compare returns of traditional money man-agers and the Investorfoce database of hedge funds, former-ly known as the Altvest database. It also sells marketing serv-ices to money managers. ❖
April 23, 2003 3HEDGE FUND
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April 23, 2003 4HEDGE FUND
LATEST LAUNCHES
Hedge Funds
Fund Portfolio managers, Management company Strategy Service providers
Launch Date
Equity at Launch
(Mil.) Aviator Partners/Aviator Overseas Domicile: U.S. and Cayman Islands ☛ SEE PAGE 1
Bill Park Aviator Fund Management, New York [email protected]
Global multi-strategy arbitrage
Prime broker: Morgan Stanley Law firm: Schulte Roth Auditor: PricewaterhouseCoopers
July 1 $100
Emergent Cosmopolitan Macro Fund Domicile: Bermuda ☛ SEE PAGE 2
David Murrin and Fergus Murison Emergent Asset Management, London 44-142-865-6966
Global macro Prime broker: Citigroup Law firm: Eversheds Auditor: Deloitte & Touche Administrator: Citco
March 1 $7.5
KingsGate Life Sciences Fund Domicile: U.S.
Chris Wolf, Kevin Wenck and David Gershon KingsGate Capital Management, San Francisco 415-908-8200
Life sciences Prime broker: Banc of America Law firm: Shartsis Friese Auditor: Rothstein Kass
April 1
Headstream Value Partners Domicile U.S. ☛ SEE PAGE 1
Josh Smith and Bill Ward Headstream Asset Management, Dallas 214-890-8860
Long-biased Prime broker: Banc of America Law firm: Akin Gump Auditor: KPMG Peat Marwick Administrator: J.D. Clark
May 1 $50
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Equity-analyst David Gruber is leavingLehman Brothers to cover healthcarestocks for Weiss, Peck & Greer’s WPG-Farber Fund. He will join the New Yorkfirm on Feb. 19 to help fill a void thatwas left when the fund’s managementteam followed co-manager DavidPresent, who departed to start his own
fund in April. The fund is now run byGerald Farber, who hired Gruber. Priorto joining WPG, Gruber was a seniorvice president in the equity-researcharea at Lehman for three years, focus-ing on medical-supply companies.
State Street Bank has tapped formerPershing executive Tony Patrelli to headits fledgling prime-brokerage business.Patrelli was previously responsible forthe prime-brokerage operation ofDonaldson, Lufkin & Jenrette’s Pershing
unit, which Credit Suisse First Bostonabsorbed as part of its 2000 acquisi-tionof DLJ. State Street began
Schonfeld Alum Hiring for ‘Prop Trading’ FirmThe former top professional at trading powerhouse Schonfeld Securities wants
to hire about 10 senior portfolio managers and perhaps twice that many junior
analysts for a multi-strategy venture that he launched last month.
Through his firm’s Web site, Dmitry Balyasny refers to the vehicle he launched
on Jan. 2 as a hedge fund. But in one important respect, it more-closely resem-
bles a proprietary-trading operation. That’s because the firm, called BAM, runs
money for only a small group of principals, who unlike hedge-fund investors,
pay no performance fees.Word surfaced last year that Balyasny was planning a fund — originally thought
to be under Schonfeld’s aegis — and that he would run $300 million. Now operat-
ing on his own, he is believed to have at least that much capital.
Balyasny, a principal and the head trader at Chicago-based Schonfeld for fiveSee SCHONFELD on Page 4Instead of Selling, Shuman Names Successors
Fred Shuman, the founder of fund-of-funds firm Archstone Management, has
decided to offer ownership stakes to staffers of his highly regarded company.
The decision, announced to investors in a yearend letter, ends nearly a year of
speculation that the 61-year-old Shuman said he was seeking to sell the New
York multi-manager shop.During that time, Goldman Sachs was introducing Shuman to a host of
prospective buyers. But Shuman said he rejected bids from a number of undis-
closed financial institutions, choosing instead to award interests in Archstone to
long-time staffers Joe Pignatelli, Andrew Small and Dawn Goodyear. Pignatelli is the
firm’s chief operating officer, Small is its chief financial officer and Goodyear is its
administrative manager. The new ownership structure was effective last month.
Shuman is gradually transferring responsibilities and ownership interests See SHUMAN on Page 4 Felipe Splitting from $1 Bil. Sirios Partnership
Chris Felipe is ending his partnership in Sirios Capital Management, leaving
John Brennan in charge of the $1 billion hedge-fund operation.
Sources familiar with Sirios — who were surprised by the decision — have
been told that Felipe will leave in June to spend more time with his family.
Brennan will continue to run the firm, which the pair started shortly after leav-
ing Boston mutual-fund company MFS Investment Management in February
1999. At MFS, Felipe managed the $6.3 billion Massachusetts Investors Growth
Fund and the $1 billion MFS Strategic Growth Fund. Brennan oversaw the $2.2 bil-
lion MFS Capital Opportunities Fund.Boston-based Sirios has $650 million invested via a diversified long/short
entity domiciled in the Cayman Islands. A companion vehicle in the U.S.
accounts for the rest.Felipe’s departure follows a string of high-profile fund split-ups. Since last
year, big-name partners have separated from Intrepid Capital, Pequot Capital,
Bowman Capital and Galleon Capital. ❖
FEBRUARY 13, 2002
See GRAPEVINE on Back Page
2 Rich Multi-Manager Funds Get Richer 2 Trio Aims to Raise $50 Million 2 IRS Awaits Input on Stock Futures
3 Gleacher Lures Tremont Exec 3 Carlyle Staffs Up for Fund of Funds
3 Bear Loses Prime-Brokerage Pros 5 Brencourt Adds Convertible-Bond Pro 4 LATEST LAUNCHES
6 CALENDAR
THE GRAPEVINE
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Team ... From Page 1
manager at HBK for five years, is the lead portfolio managerat Aviator. He’ll run the planned fund’s catalyst-driven andrelative-value volatility arbitrage investments.
Also running the portfolio will be Koji Takasumi and EricWong. Takasumi was a co-portfolio manager and Japaneseequity-derivatives trader at KBC Financial Products in Tokyo.He will run Aviator’s statistical-volatility arbitrage invest-ments. Wong had been a convertible-arbitrage trader andco-portfolio manager at Angelo, Gordon & Co. in New York.He will manage the fund’s convertible-arbitrage and capital-structure arbitrage bets.
The firm’s fourth partner is Peter Sparks, a former infor-mation-technology project manger at Goldman Sachs. TonyTran, previously an auditor at PricewaterhouseCoopers, isAviator’s controller. ❖
Tiger ... From Page 1
in 1986. He was serving as head traderwhen he left in 1992 to teach at theUniversity of Virginia. He returned toTiger as chief operating officer in 1996and remained at the firm until 1999.He remains one of three members onthe advisory board of Tiger alumnusSteve Mandel’s Lone Pine Capital ofGreenwich, Conn., and serves as fundliquidator for Tiger veteran AndreasHalvorsen’s New York-based VikingGlobal.
At the University of Virginia, wherehe worked as chief investment officerof the unit that manages the endow-ment from 2001 until January 2003,Bills ran $1 billion of hedge-fundinvestments — an amount equal to60% of the school’s investments.That’s the largest hedge-fund alloca-tion of any university endowment.
During the 2002 fiscal year, whichended June 30, Bills’ hedge-fund bets
paid off extremely well, producing a 7.7% return, after fees.Those gains offset losses among the university’s stock invest-ments, helping the endowment achieve a virtually flat returnfor the year.
The endowment also fared well against its peers.According to a Cambridge Associates survey covering resultsending Dec. 31, 2002, the University of Virginia’s one-yeargain of 0.3% and three-year average of 9.3% made it the topperformer in the group. The survey didn’t include theendowments of Yale University, Stanford University orRockefeller University.
Meanwhile, the University of Virginia is in the process ofselecting a recruiting firm to find a replacement for Bills. Fornow, his duties are being handled by Alice Handy, presidentof the Investment Management Co., the unit that runs theendowment’s money. ❖
April 23, 2003 6HEDGE FUND
Capital-Introduction PlayersThe dozen banks listed below employ capital-introduction units that
connect well-heeled investors with current or aspiring hedge-fund man-agers. Prime-brokerage groups rely heavily on their capital-introductionstaffs to win fund managers as clients — relationships that can prove highlyprofitable to the brokerage firms. Investor contacts for the capital-introduc-tion units are shown below. If there is a designated contact for Europeaninvestors, that name is also included.
Brokerage Matchmaker TelephoneABN Amro Joe Young 212-251-3014Banc of America Peter Burrus 212-583-8656
Typhaine Zagoreos (Europe) 212-583-8742 Barclays Capital Rosemarie Lakeman 212-412-7669
Jamie Phillips (Europe) 44-207-773-9191Bear Stearns Bill Ullman 212-272-6473
Pari Rajkotia (Europe) 44-207-516-5160 Citigroup Dan Lancellotti 212-723-4871
Paul Radley (Europe) 44-207-986-0744Credit Suisse First Boston Bob Leonard 212-325-2000
Rod Barker 44-207-888-6971Deutsche Bank John Dyment 212-469-3130
Christy York (Europe) 44-207-547-7254 Goldman Sachs Tom Lynch 212-902-5147
Tim Morgan (Europe) 44-207-552-5138Lehman Brothers Laurie Stearn 212-526-8623Merrill Lynch Kevin Dunleavy 212-449-6060Morgan Stanley Dave Barrett 212-762-5087
Martin Byman (Europe) 44-207-425-2108 UBS Warburg Joe Pescatore 212-713-3668
Tyne Cameron andMelissa Carnathan (Europe) 44-207-568-4730
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nership in Ridgefield, Conn.-basedSelalu. Her former partner, DonnaAnderson Schole, will continue to runSelalu.
Irv Kessler is rapidly building up hisnew hedge-fund firm, ProvidentAdvisors. The two-month-old Wayzata,Minn., shop already employs 12staffers, including eight analysts,traders and portfolio managers. Kesslerintends to add even more staff as heprepares to start marketing a fund toinvestors in early May. He expects tostart trading the vehicle on July 1.Kessler is best known as the founder ofDeephaven Capital Management, a $1.2billion multi-strategy hedge-fundshop. He left the firm in 2001, afterselling it to Knight Trading.
Sumnicht & Associates, an Appleton,Wis., firm that advises wealthyinvestors, has added two staffers. RobRiedle joined this month to head busi-ness development and provide finan-cial-planning advice to the firm’sclients. Sumnicht, which has $100million of its $300 million allocatedto hedge funds, also added Joe Schmitt
as director of tax and estate planning.Schmitt previously ran his own lawpractice in Green Bay, Wis.
Wealthy families are sticking withtheir hedge-fund investments, accord-ing to a joint survey by Naples, Fla.,fund-of-funds shop LJH GlobalInvestments and the Institute for PrivateInvestors, a New York-based organiza-tion of 300 rich families. Of the 71families that responded to the survey,37 said they planned to expand theirhedge-fund holdings this year. Theycurrently allocate an average of 18%of their portfolios to hedge funds,compared to 34% for stocks and 20%for bonds, the survey found.
Strategic Financial Solutions has addedthe MSCI Hedge Fund Indices to itsperformance-analysis software,PerTrac 2000 SE. MSCI, run byMorgan Stanley Capital International,tracks the performance of more than1,500 hedge funds. It represents the11th group of indices included in thePerTrac software, which allows usersto compare the performance andcharacteristics of hedge funds.
A University of Massachusetts researchcenter hopes by next year to startreleasing weekly hedge-fund perform-
ance updates. It would do so throughits Center for International Securitiesand Derivatives Markets, which over-sees the Zurich Alternative InvestmentPerformance Database of 2,500 hedgefunds and managed-futures vehicles.The center supplies data to variousacademics, Mar/Hedge (the formerowner of the database) and StrategicFinancial Solutions, which uses theinformation for its PerTrac 2000 SE.
... From Page 1
THE GRAPEVINE
CALENDARMay 12-14: London is the venue forTerrapinn’s “Hedge Funds World London2003.”
44-207-827-5997www.hedgefundsworld.com
May 14: Euromoney Business Meetingsholds a “Meet the Investor Forum” in NewYork.
44-207-779-8439business-meetings.co.uk
May 14-15: Strategic Research Institutepresents a New York conference titled,“Combined Summit on Credit Derivatives andCDOs.”
888-666-8514srinstitute.com
To view the full conference calendar, visitThe Marketplace section of HFAlert.com
April 23, 2003 8HEDGE FUND
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