Insparo Asset Management Adds To Operations Team

Mar 22 2010 | 8:50am ET

U.K.-based hedge fund firm Insparo Asset Management has hired Nimika Karadia as an operations analyst.

The Insparo Africa and Middle East Fund has recently shortened its redemption terms in order to make the fund more attractive to investors, and Karadia’s responsibilities will involve adjusting operations to accommodate the anticipated growth. She will work alongside COO Jon Laidlow and finance and operations manager James Gore.

The US$170 million fund has returned 5% thus far in 2010. Last year it returned 31.4%, outperforming the MSCI Frontier Markets Index, which returned 7% over the same period.

Prior to joining Insparo, Karadia was hired to represent Lehman Brothers during the administration process of its UK operations. Her role involved returning stock and resolving counterparty claims.

Last month Insparo announced the reduction of its redemption terms from a two-year lock-in period to a staggered one-year redemption profile. Investors will be able to redeem up to 25% of their original share purchase per quarter, meaning they can be fully withdrawn within a year without penalty.

“We have made changes to adapt for our investors in light of the current economic climate,” said Laidlow. “Nimika’s appointment will help to ensure the firm maintains robust controls and processes as the Fund’s operations grow.”

Investors in the Insparo Africa and Middle East Fund, include IPGL Limited, a private holding company in which Michael Spencer, CEO of ICAP, together with his wife and family trusts, are majority shareholders; and South African entrepreneur Mark Shuttleworth’s Here Be Dragons.

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