Broadstone Fund Management (BFM), part of the Broadstone Capital Group, has been authorised as an investment intermediary by the Irish Financial Services Regulatory Authority (IFSRA). Simultaneously, the firm announced it will list two hedge funds on the Irish Stock Exchange next month.
The ‘Broadstone Avenir’ Fund is a Global Macro fund, which will invest in a portfolio of Fixed Interest, Equities, Currencies and Commodities. The ‘Broadstone Mespil’ Fund is a European Long Short Equities fund, which will invest in European large cap stocks. Both Funds will seek superior risk-adjusted returns through the use of specific investment processes developed within Broadstone. Goldman Sachs will act as Prime Broker to these Funds.
BFM intends to list additional Funds over the next 18 months which will allow professional investors the option of switching between funds to allow investors to take advantage of market opportunities. Each of its investment strategies will have monthly liquidity.
The Broadstone Group’s founder and Head of Trading, Gerry O’Neill, was previously Head of Fixed Interest Trading at ABN AMRO (Dublin) and Managing Director at Kyte Fund Management (Ireland). While at Kyte, its Funds were ranked in the ‘Top Ten Global Funds’ in 1999/2000 by Marhedge, the reporting industry standard for hedge funds, and were recommended by PwC in its ‘European Performance Awards 2001’. The Group Managing Director, David Murray, was Global Marketing Manager for Shell Chemicals before returning to Ireland to assist start-up ventures, mainly in the technology sector.
Speaking at the announcement, Gerry O’Neill said, “Broadstone Fund Management is delighted to announce the launch of its first two Irish Stock Exchange listed funds, the Broadstone Avenir Fund and the Broadstone Mespil Fund, and the firm’s authorisation from the Irish Financial Services Regulatory Authority. The firm has positioned itself to meet the global demand for ‘institutional quality’ funds, with the ability to attract large-scale institutional investment and with multiple products.
“BFM intends to deliver superior risk-adjusted returns uncorrelated to traditional investment products. Capital preservation, combined with modest volatility is underpinned by sound risk management. To this end we have invested significantly in Broadstone’s in-house technology and risk management systems. Broadstone is committed to providing the highest calibre of investment management service in the market,” added Gerry O’Neill.
Established in 2002, Broadstone Capital Group Limited (BCG) is a Dublin-based financial services holding company. BCG consists of three wholly owned subsidiaries: Broadstone Fund Management Limited (BFM), Broadstone Research Institute Limited (BRI) and Broadstone Trading Services Limited (BTS). Broadstone Fund Management (BFM) received its Investment Intermediaries Act (IIA) authorisation as a regulated Fund Manager to professional investors, from the Irish Financial Services Regulatory Authority (IFSRA) in November 2003. BFM is an ‘institutional quality’ Hedge Fund Manager that targets net returns of 10-20% on its Assets under Management (AUM). The firm has positioned itself to meet the global demand for “institutional quality” funds, with the ability to attract large-scale institutional investment and have multiple products to offer investors. BFM’s first Funds will list Irish Stock Exchange in February 2004. Broadstone Research Institute (BRI) develops, protects and patents its own intellectual property (IP) specialises in market timing, stock selection and risk management. Broadstone Trading Services (BTS) licenses some of this IP to financial institutions.