Fimat has been appointed prime broker to the HeliumSpecial Situations Fund, run by Odeon Asset Mangement, and launched on 31 July with GBP 3.6 million in assets under management. It oursues an event-driven strategy. Details are:
Fund manager: Odeon Asset Management LtdLaunch date: 31st July 2006Assets: GBP 3.6 millionManager details: Odeon Asset Management Ltd, based in Grand CaymanCo-Investment advisors: ISPartners Investment Solutions AG
David Newton Investment focus/strategy: Event-Driven, Special Situations: Long-short equity focusing on small and mid cap companies in the UK as exemplified by the AIM segment of the London Stock Exchange. It follows an event-driven, long-term strategy and targets superior returns based on a portfolio of about fifteen high-conviction holdings, concentrating on companies that have their assets in the UK and avoiding companies whose Assets are difficult to assess and evaluate, such as mining and energy. Up to 20% of the fund’s NAV can be invested in pre-IPO situations. It does not intend to use leverage systematically but has the possibility to make use of limited leverage opportunistically. The fund can short and/or use derivative instruments, mainly to reduce market risk.
Base currency: GBPFee structure: 1.5% Management fee, 15% performance fee (Hurdle Rate is 3m GBP LIBOR with High Watermark)