Mon, Oct 24, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Guinness family office Iveagh and 47 Degrees North launch Newcits FoFs

Monday, May 31, 2010
Opalesque Industry Update – Iveagh Private Investment House (“Iveagh”), the Guinness family office and asset manager, and 47 Degrees North Capital Management (“47°N”), the specialist alternative investment provider, announce the launch of the Iveagh Newcits Fund (“the Fund”), a fund that offers investors access to a diversified portfolio of UCITS regulated absolute return strategies (“Newcits” funds).

The Fund builds on the successful track record of investment in UCITS hedge funds by the Iveagh Wealth Fund portfolio managers since the Iveagh Wealth Fund was launched in September 2008. 47°N is an award-winning provider with specialist expertise in selecting and investing in alternative investment strategies.

The Iveagh Newcits Fund will focus solely on absolute return strategies employing a global, multi-strategy portfolio allocation. 47°N, as Sub-advisor for the Fund, selects and recommends the underlying funds based on its fundamental bottom-up research methodology. Iveagh and 47°N construct the portfolio in collaboration maintaining a focus on consistent, stable absolute return potential and diversification, even in turbulent markets.

The Fund aims to produce consistent, low volatility performance largely uncorrelated with traditional markets within a highly liquid and secure UCITS structure. The target return will be 6% to 8% per annum (net of fees and costs) with a managed volatility of between 3% and 5%.

Iveagh is the initial investor in the Fund which is also open to other investors in the UK, Continental Europe and Asia. The Iveagh Newcits Fund is a daily-dealing, Dublin-domiciled fund which is also regulated in the UK. Minimum investment is £50,000, or the currency equivalent (in EUR, USD and CHF). The annual management charge is 1.5%, and the performance fee is 10% over hurdle.

Iveagh Chief Executive Officer, Paul Ross, comments: “Our investment in absolute return UCITS funds goes back to 2008 when we were at the forefront of this paradigm shift in European absolute return investing. The combination of Iveagh’s asset allocation experience with 47°N’s thorough and robust process in specialist alternative investing creates an outstanding opportunity to expand our efforts with this dedicated Newcits fund.”

Mrs Claude Porret, CEO of 47 Degrees North, comments: “We believe that the growth of absolute return strategies within the UCITS structure is creating many opportunities for our particular skills and expertise and that 47N can offer much needed analytical clarity in this fast-growing investment universe. Given ongoing events in the hedge fund industry, investors will value active selection and management of hedge fund risk by a highly experienced and successful team.”

About Iveagh Private Investment House
Iveagh Trustees was established in 1886 by Edward Guinness, Earl of Iveagh, primarily to protect the fortune created from the flotation of the family brewing business. It is one of the world’s first family offices. Iveagh is a London-based private investment house providing investment management and advisory services to wealthy individuals, families and institutional investors, seeking to protect and grow their financial assets with a unique combination of investment experience and expertise. Iveagh entered the retail investment market with the launch of the Iveagh Wealth Fund in September 2008, offering investors the opportunity to share the investment strategy of the Guinness family. The Iveagh Investment Committee includes Cambiz Alikhani, John Ricciardi, Paul Ross and Chris Wyllie.

About 47 Degrees North Capital Management
47 Degrees North Capital Management is an alternative investment management company with presence in Switzerland, London and New York that offers institutional investors specialized fund of hedge funds products. The Company has extensive experience in selecting and investing in emerging managers, innovation themes and other thematic fund of hedge fund products, such as distressed credit and volatility strategies. In 2007, 47 Degrees North was awarded the best newcomer fund of hedge funds in Europe by Hedge Funds Review and again in 2009 for the best performing new fund of hedge funds. 47 Degrees North Capital Management is registered with the SEC.


What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion