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Shore Capital Launches Hedge Fund - Puma Sphera
2006-07-31
Shore Capital Launches Hedge Fund
Shore Capital, the London listed investment banking group with $1.6 billion in alternative asset investments under management, today announces the launch of its Puma Sphera hedge fund. This new product will give international investors access to the long established and proven expertise of Sphera Fund Management of Tel Aviv (already supported by nearly $150m of local institutional and private investors' capital) for the first time. While most Israeli hedge funds are small, Sphera is the largest Tel Aviv hedge fund manager by a considerable margin. It is proposed to list the new fund on the Irish Stock Exchange in the fourth quarter of this year. The new fund replicates a proven, fundamentally driven long-short equity strategy managed by Sphera since 2001. With its focus mainly on Israeli based and Israeli-related companies listed on the Tel Aviv, Nasdaq and other international exchanges, Sphera's strategy gained 191.9% net between the beginning of 2001 and June 2006.
"Puma Sphera is an opportunity for investors to participate in emerging market-style returns, relatively uncorrelated with developed markets and with lower than normal volatility," says Stuart MacDonald, Director of Alternative Investments at Shore Capital. "Our partners, Sphera Fund Management, have generated substantial returns by repeatedly preserving capital in periods of market turbulence and matching the gains in the markets."
Howard Shore commented, "Shore Capital can deploy seed capital; provide distribution capabilities that include investors who are not part of the traditional hedge fund investor base and a sound operational infrastructure to offer managers whose talent and entrepreneurial ethos match our own."
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Shore Capital Stockbrokers Limited is a member of the London Stock Exchange and is regulated by the Financial Services Authority ("FSA").
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