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Opalesque Exclusive: Absolute Capital Management to appoint new CIO and a new risk manager, says it`s `operating well within its fixed-cost base and is solvent`
From Benedicte Gravrand, Geneva:
Jonathan Treacher, ACM’s CEO, said he would upload a Q&A on ACM’s website (link). The Q&A was prepared in response to questions received from investors following Thursday’s conference call. Here are some of the points that Mr. Treacher made:
- NAVs for August: Mr. Treacher confirmed they were correct. The NAVs for the Activist, Octane and Catalyst funds included Florian Homm’s gift of shares to those funds.
- Illiquid investments: these are not private equity-type investments but listed investments with quoted companies. Selling those assets in a short period of time would not allow ACM to realise proper value for those investments.
- Portfolio managers and their commitment going forward: ACM is in the process of putting in place new contracts, share options, etc. to keep the portfolio managers motivated.
- ACM is operating well within its fixed-cost base and is solvent.
- ACM will appoint a new CIO and a new risk manager.
Andreas Rialas, head of Argo, (the hedge fund ACM bought last year that has 3 Argo funds and a real estate fund) and a board member of ACM, confirmed that the Argo business is completel...................... To view our full article Click here
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