Opalesque Industry Update – Innocap Investment Management Inc., a strategic alliance between National Bank of Canada and BNP Paribas, has teamed up with Akira Capital Inc., a
new Montreal-based fund manager, to launch the Innocap Akira Commodity Fund LP. |
Akira specializes in commodity derivative investments and uses a discretionary, multi-strategy approach to trade in listed futures and options across all commodity sectors. Headed by Yves Martin, the firm currently has $25 million of assets under management and was named after a climbing wall located in Western France, which was at one point the most difficult natural climbing wall ever successfully climbed.
Yves Martin founded Akira to manage funds for institutional investors and accredited investors with the aim of delivering positive absolute returns by combining a top-down and a bottom-up investment process focused on commodities. Mr. Martin is Akira’s President and a former Vice President for Jefferies Financial Products in Stamford, Connecticut, after spending most of his career at Caisse de dépôt et placement du Québec, one of Canada’s largest managers of pension funds.
Also on Akira Management team are Vice President, Investments Hervé Fefer, former commodities portfolio manager at Caisse; Chief Risk Officer Paul Turcotte, also formerly at Caisse; and trader and market Analyst Olivier Tardif-Drolet, former trading analyst on the natural gas desk of BP Integrated Supply and Trading. The four partners will also be looking to launch a second commodity fund for U.S.-based and foreign investors in the first half of 2013.
The Fund joins other Canadian managers (Innocap Casgrain Bond Fund LP, Hexavest GTAA Fund LP, NBCAI Credit Dislocation Fund LP and Innocap Sigma Alpha GM+ Fund LP) on Innocap’s Canadian Limited Partnership Structure which has reached $260 million in assets under management as of November 30th, 2012.
The structure thus now houses five specialized Quebec-based managers with strong portfolio management skills and knowledge of local and international markets. The offering addresses investors' appetite for hedge funds while providing visibility for Quebec and Canadian managers. The Innocap platform provides a risk and asset-controlled environment for investing in hedge funds.