Originally published 23 January 2009
Corazon Capital, the Guernsey-based specialist investment manager, has announced the launch of a fund that will invest in a number of elite managers in the hedge fund industry to take advantage of a set of exceptional circumstances.
The 'Argentum Fund', launched this month, will give investors diversified access to 16 previously closed or hard to access 'super' funds.
The Corazon Argentum Fund will aim for steady capital growth with low to medium volatility and will target institutional and high net worth investors. Performance data based on composite returns from each of the managers shows a return since October 1998 annualising at over 15% with volatility of 6%.
The Fund, which has a total capacity of US$400 million and has targeted a soft close date of 31st March 2009, is available in Sterling, Dollar and Euro share classes. The minimum investment is US$400,000 for share class A, and US$100,000 for share class B. Corazon Argentum will be offered in two forms: a Cayman domiciled open ended fund and a UK listed medium-term note structure offered by Nomura.
Commenting on the launch of the new fund, Paul Meader, Director of Corazon Capital said: "The high rate of redemptions from hedge funds during 2008 as the market meltdown took hold, coupled with poor returns from almost all strategies has had one significant and beneficial effect. A number of the world's best hedge funds over the last decade or more are currently providing limited capacity and with it the opportunity to access some of the greatest investment talent.
"The Argentum Fund comprises the cream of the crop in terms of hedge funds managers. Their superior skills have allowed positive returns in even the most hostile markets, making them some of the most sought after funds in the market. It is for this reason that most have not been open to new investors for several years, so we are understandably delighted to be able to offer these managers to our investors. Simply put, this is a unique, once-in-a-cycle opportunity to gain access to the very best talent that the hedge fund industry has to offer.
"The track record of these managers, particularly their cash-plus performance during 2008, proves their ability to produce positive returns in turbulent markets. Moreover, their reputation as alpha-generators means that returns will be greatly enhanced when the market uplift occurs."
Corazon Capital has over US$1 billion of assets under management in discretionary portfolios, institutional mandates and multi-strategy funds of funds.
It has offices in both the Channel Islands and Geneva.
Corazon Capital represents the management buy-out of Dawnay Day Milroy Limited. This transaction was completed in July 2008. Corazon has received a number of accolades in recent months including "Best Product Provider" and Hedge Funds World Middle East Awards and several nominations at the European Pensions Funds Awards. Corazon has $1.2bn of client assets with personnel in Guernsey, Jersey, Switzerland and the UK.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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