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Alternative Market Briefing

Guggenheim takes a closer look at event driven managers

Thursday, October 17, 2013

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Charles Stucke
Bailey McCann, Opalesque New York:

Charles Stucke is the Chief Investment Officer of Guggenheim Investment Advisors. He joined the firm in 2006, after building a career as an investment banker. Within his role at Guggenheim he oversees a suite of fund of funds and a hedge fund platform. In a recent Opalesque TV interview, he noted that the firm is shifting its focus, to look at more event driven managers for opportunities over the next two to five years.

"Mid to late 2012, earnings began to mean revert, ROEs began to fall, and yet at the same time, credit prices, or the cost of financing remains very low. So we believe that corporate CFOs would be very tempted to use leverage and do other types of corporate event transactions to maintain or continue to grow earnings and ROEs in an environment that’s becoming increasingly competitive for them. These events include things like restructurings, shared buybacks, recapitalizations and mergers and acquisitions," he explains.

Going forward, investors that are looking to capture the same rate of return from their allocations to equities or fixed income will face some challenges. For Stucke, this means refining focus – "where do you go? You have to find more specific and more active uses of risk to be able to bridge that return goal. So we are looking in places like event strategies, we are looking in long-short equity, we a......................

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