Funds Launch
03 Février 2009 - 8:00AM
UK Regulatory
TIDMACMH
RNS Number : 6686M
ACMH Limited
03 February 2009
3 February 2009
ACMH Limited
("ACMH" or the "Company")
Re-branding and Re-launch of Equity Funds
ACMH is pleased to announce the reorganisation and rebranding of its fund
management business and the re-launch of certain of its funds under its new
'Xanthus' brand. By combining previously separate funds, the new business will
operate two equity funds: the Xanthus Germany Fund Limited and the Xanthus
European Fund Limited, focusing on European equities. Both funds have been
structured to appeal to investors looking for high levels of transparency,
liquidity and market focus. These new funds, managed by Xanthus Asset Management
Limited, a newly formed subsidiary of the Company, began trading last month with
opening balances in cash, thereby ensuring the necessary flexibility and agility
to take advantage of prevailing market conditions.
Background to Re-Launch
The past 18 months have been an extraordinary period first for ACMH and more
recently for the investment management industry as a whole. With the
restructuring phase for ACMH and its Absolute-branded equity funds having been
largely completed prior to the recent industry turmoil, the Company has been in
a good position to plan the launch of the new funds, at a time when the need for
change and adaptation in the industry has never been more pressing.
ACMH believes that its new Xanthus funds are representative of an emerging third
generation of hedge fund products, differentiated from ACMH's predecessor funds
and industry peers by having:
* Higher levels of risk controls;
* Real mark to market transparency on a timely basis;
* Lower leverage and higher liquidity;
* Tightly focused investment objectives and restrictions;
* Investor-friendly fee structures; and
* Smaller fund size, and more modest target returns
Xanthus Germany Fund Limited
Previously known as the Absolute Germany Fund Limited, the Xanthus Germany Fund
Limited will pursue a mandate of investing in equities of issuers chartered or
listed in Germany and the surrounding German-speaking countries having market
capitalisations in excess of EUR400 million. The fund's principal investment
strategy is long/short pairs trading, thought it will employ a range of trading
strategies suited to prevailing market conditions. Germany and the surrounding
countries have traditionally been the Company's core area of expertise; this was
strongly demonstrated by the predecessor fund's 2008 trading performance when it
generated a 21.35% return, significantly outperforming its benchmarks and peer
group.
The fund will seek to provide investors with a high level of transparency,
specifying portfolio positions on a monthly basis. Total fund size will be
capped at a modest EUR200 million, thereby allowing the fund to take advantage of
market opportunities unavailable to larger equity funds. The fund's fee
structure will remain a 2/20, though some investor-friendly modifications to the
performance fee calculation mechanics have been implemented.
Xanthus European Fund Limited
Created through the combination of the 'A' class portfolios of the Absolute
European Catalyst Fund Limited, the Absolute Return Europe Fund Limited and the
Absolute Large Cap Fund Limited, the new Xanthus European Fund Limited ("XEF")
will pursue an investment objective of investing in equities of European issuers
listed on major Western European exchanges with market capitalisations generally
in excess of EUR1.5 billion. The XEF's investment strategies and offering terms
will be substantially similar to those of the Xanthus Germany Fund Limited, save
that the XEF's investment programme is pan-European, and the minimum market
capitalisation of its portfolio positions is significantly higher. Portfolio
capacity has been set at EUR300 million. The XEF will build on the strong 2008
performance of the Absolute Large Cap Fund (8.61%), and on the successful
trading strategies of the ARE and AEC funds.
ACM Equity Limited
ACM Equity Limited, a separate subsidiary of ACMH, continues to manage the five
Absolute- branded funds previously managed by ACMH. Those funds are being
managed with a view to completing the disposal of assets from their B class
portfolios (side pockets) in 2009, which portfolios were created following
investor approval of ACMH's restructuring proposals in October 2007. ACMH
intends to wind up ACM Equity Limited's business upon the completion of asset
disposals from the Absolute-branded funds' B class portfolios.
Chief Executive of ACMH, Glenn Kennedy, said, "For investors with a medium term
view, the Xanthus funds represent an opportunity to capture value across these
deeply depressed markets. Free from legacy trading positions the two funds are
unencumbered and therefore ideally positioned to achieve their aim of delivering
attractive returns to risk adverse investors."
"Taking account of the current issues facing the industry, the Xanthus funds
have been structured to provide investors with a much higher degree of
transparency and liquidity coupled with clear investment objectives and risk
controls, all of which is aimed at delivering sustainable and attractive
returns."
+------------------------------------+-------------------------------------+
| Enquiries: | |
| | |
+------------------------------------+-------------------------------------+
| ACMH | Tel: +41 41 560 9660 |
+------------------------------------+-------------------------------------+
| Glenn Kennedy | |
+------------------------------------+-------------------------------------+
| | |
+------------------------------------+-------------------------------------+
| Panmure Gordon | Tel: +44 (0) 20 7459 3600 |
+------------------------------------+-------------------------------------+
| Dominic Morley | |
+------------------------------------+-------------------------------------+
| Callum Stewart | |
+------------------------------------+-------------------------------------+
| | |
+------------------------------------+-------------------------------------+
| Cardew Group | Tel: +44 (0) 20 7930 0777/ |
+------------------------------------+-------------------------------------+
| Tim Robertson | 07900 927 650 |
+------------------------------------+-------------------------------------+
| Shan Shan Willenbrock | |
+------------------------------------+-------------------------------------+
| David Roach | |
+------------------------------------+-------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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