Fundsdirect founder Sean Ewing is set to float his latest venture, hedge fund firm Absolute Capital Management, on Aim in the next two months.Absolute chief executive and chairman Ewing, a founding investor in the firm, is looking to raise 1.7m-3.4m to fund acquisitions and plans to attract and retain top hedge fund managers through offering equity stakes in the business. Initially, the firm will float 5-10 per cent of its share capital in a listing which would value it at 34m. Absolute, which is based in Majorca, has 407m in assets under management across five Cayman-domiciled long/short equity portfolios. The firm will open a London office ahead of the float to raise the company’s profile and service UK investors. Ewing says it will be only the third firm dealing purely in hedge funds to list in the UK after Man Group and RAB Capital. Ewing says: “The hedge fund market is a maturing one, with billions of pounds in assets under management, and there is a growing demand for absolute return products that can deliver in all market conditions.”
IFAs will not be blamed for advising investors to contract out of Serps although an FSA report has found that most people who have contracted out will be worse off. The average pension loss after contracting out is 4 a week, according to a report commissioned by the FSA. Even people who contrac-ted out for […]
In April, I needed to produce a BM Solutions’ KFI for a client. Being fairly IT-literate, I went on to the BM Solutions’ website looking for the Obtain a KFI button. It soon became apparent that the only way to get a KFI was to complete a decision in principle. I did not want to […]
Hedge fund manager Man Group is to float or sell Man Financial, its brokerage arm, as a stand-alone business. The move follows the successful 1.9bn flotation of Refco, a similar US operation, last week.
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Do macro headlines create white noise which impacts market prices? Portfolio Manager at Harris Associates, David Herro, discusses how market volatility can create opportunities to buy good business at a discount.
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