GAIM Advisors, a subsidiary of Integrated Asset Management, is to manage the Condor European and Kingfisher Hedge Funds. The funds were previously managed by Appleton International, a subsidiary of PSGIS in South Africa which GAIM has acquired.
All hedge fund operations will now come under the supervision of Birol Atikol, GAIM’s CIO. Overall responsibility for day-to-day fund management will be with Tushar Patel, its senior hedge fund manager.
GAIM will continue to run the Condor and Kingfisher Funds using the same investment methodology as Appleton, However the Funds will also benefit from an additional layer of expertise and risk management infrastructure provided by GAIM’s existing protocols. In addition, GAIM offers additional access to an array of top investment managers’ “closed funds”.
“The acquisition of Appleton International is in line with our continued drive to grow alternative assets under management and achieve critical mass, ” says Emanuel Arbib, Chairman of GAIM Advisors. “We believe that the Condor European and Kingfisher funds will fit into the existing product range and infrastructure of GAIM Advisors at little incremental cost, thus further increasing our positive operating cashflows. The enhanced distribution and range of products that Integrated will now be able to offer as a result of this acquisition will strengthen our offering and our competitive position in the market .We have an extremely strong and talented team of 12 investment professionals with extensive experience in managing hedge funds. In addition, we have financial and compliance staff with significant experience in operational and procedural risk. I have the utmost confidence our investors will continue to receive an exceptional investment management service.”
GAIM says the deal signals an increased collaboration between Integrated and PSGIS and creates a new distribution channel for Integrated. Integrated and PSGIS are in the process of concluding an agreement to market and distribute together the hedge fund products of Appleton UK and GAIM Advisors.