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Merchant Capital unveils ‘UCITS-SAFE’Strategy Assessment for hedge fund managers

Wednesday, June 16, 2010
Opalesque Industry Update - Merchant Capital, provider of the leading UCITS III umbrella for hedge fund managers globally, has today announced the launch of its UCITS Strategy Assessment/Feasibility Evaluation (UCITS-SAFE) service, whereby managers with funds with established track records can ascertain whether their strategies will translate efficiently into a UCITS structure.

Merchant Capital (“Merchant”) is supported by Carne Global Financial Services (“Carne Global”) and Kinetic Partners in the execution of the system. Merchant Capital and Carne Global undertake the role of assessing a fund’s invested underlying instruments, exposure and positioning, while Kinetic Partners carries out the appropriate Value-at-Risk (VaR) analysis.

George Cadbury, Director of Funds at Merchant Capital, announced the launch of UCITS-SAFE, saying: "With many alternative investment managers from around the world now exploring the UCITS market, assessing at an early stage whether their funds’ strategies fit comfortably within the UCITS rules is the most important initial step for them. Often managers are given conflicting advice with regards to their strategy’s compatibility. With UCITS-SAFE, we offer an unambiguous, thorough and cost-effective process by which managers can decide on the viability of moving into UCITS.”

Dr Christian Szylar, a Member of Kinetic Partners, said: “Merchant's initiative is an effective solution and particularly appropriate for the current regulatory environment. It will allow asset managers to assess their project within UCITS, the main requirement of which is to comply with global exposure under the VaR approach. A test VaR report will confirm a strategy’s viability.”

Teddy Otto, Principal Consultant at Carne Global Financial Services, added: “As a leader in advising the asset management industry – including many of Europe’s top 20 hedge fund managers – on a wide range of aspects of fund structuring, compliance and regulation, we are close to managers’ needs and concerns. We are pleased to be a part of UCITS-SAFE, which adds an important component to the inventory of compliance tools for hedge fund managers.”

About Merchant Capital
Merchant Capital has recently expanded its existing business significantly through acquisition, including new private wealth management and institutional investment management businesses. In the area of corporate advice, the group has added three experienced teams to supplement its existing expertise in the AIM Plus market. Corporate advisory is also complemented through the launch of Merchant’s first corporate recovery bond, which specialises in the provision of financing to corporations in need of short term capital, but not properly serviced by the banking sector. Merchant Capital Limited is authorised and regulated by the Financial Services Authority.

About Kinetic Partners
Kinetic Partners is a global professional services firm providing forensic, corporate recovery, regulatory risk and compliance, tax and audit and assurance services to the asset management industry. Launched in 2005 as a viable alternative to the ‘Big Four’, Kinetic Partners has grown rapidly, and now has almost 100 professional staff in London, Dublin, Grand Cayman, New York and Geneva. Kinetic Partners services over 800 clients, and has attained its reputation as the leading provider of services to hedge funds worldwide.

About Carne Global Financial Services
Carne Global Financial Services Limited is a leading business advisor to the investment funds industry, with offices in Dublin, London, Luxembourg, Dubai, Geneva, New York and the Cayman Islands. Our services include directorships, independent board and management oversight; compliance and risk management; product development and distribution. Carne clients include leading global asset managers and hedge funds, investments banks, private wealth managers and family offices.

About Undertakings for Collective Investments in Transferable Securities (UCITS)
A UCITS-structured fund is an investment fund that has been established in accordance with the European Union UCITS Directive adopted in 1985. Once registered in one European Union country, a UCITS fund can be freely marketed across the 27 member states. UCITS funds give investors minimum bi-weekly liquidity; daily pricing; assets held by a trustee, not an administrator or a prime broker; an independent fund board; high standards of corporate governance and oversight; and a larger investor base than an offshore fund.


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