As part of an increased collaboration between Zenit Alternative Investment and Integrated Asset Management, IAM has become Investment Advisor for the Zenit Hunter Fund run by ZAI, the Italian alternative investment management company.
IAM, an alternative investment manger and institutional brokerage group, is quoted on AIM through its wholly owned fund management subsidiary GAIM Advisors.
The Zenit Hunter Fund is run by Zenit Alternative Investment SGR (ZA”), the Italian alternative investment management company. The other shareholders of ZAI are: PFM Finanziaria, Zenit SGR, Banco di Desio e della Brianza , EffeGestioni SGR and Finbon S.r.l GAIM Advisors says it was selected as Investment Advisor for the Fund because of its strong track record and breadth of expertise in the fund of hedge funds sector.
The Zenit Hunter Fund is a low volatility fund of Hedge funds that invests in a number of hedge funds to produce uncorrelated, consistent returns. It is particularly suitable for clients with low risk tolerance and a prerequisite for secured capital return. The Board of Integrated consider this an important first step into the Italian hedge fund market which is one of the fastest growing markets across Europe. Currently in Italy there are 25 authorised alternative investment management companies with assets under management at the end of May 2004 of over EUR97 billion. ZAI is one of the few independent firms. Zenit SGR and Zenit Alternative Investment SGR manage approximately half a billion Euros via discretionary portfolios, Italian domiciled mutual funds and two Italian domiciled fund of hedge funds.
This appointment is part of an increased collaboration between ZAI and Integrated. David Basola, senior manager at GAIM Advisors, previously at JP Morgan, Paribas and CSFB, has recently been appointed to the ZAI board of directors. Furthermore, subject to approval from the Bank of Italy, Integrated will increase its stake in ZAI to 10%.
Emanuel Arbib, chief executive of Integrated stated, “We are delighted that GAIM Advisors are acting as investment advisor to the Zenit Hunter Fund and to be more closely collaborating with ZAI. There are strong opportunities for growth in the Italian hedge fund market. Our range of products and services, specialist sector experience and local knowledge make us extremely well positioned to be important players in this market”.