Monday, 4 May 2015
Last updated 2 hours ago
Mar 23 2012 | 11:03am ET
Santa Monica, Calif.-based alternative asset manager Coast Asset Management is selling off its fund of hedge funds business to focus on its fixed-income arbitrage funds.
Coast, which serves high-net-worth individuals and institutional investors, has obtained the consent of its investors to sell its FoF business to another, unnamed asset management firm. Coast anticipates that the transaction, terms of which will not be disclosed, will close within the next few weeks.
“We are pleased with the way our fixed-income arbitrage strategy has performed during the challenging market conditions of the past several years and recent industry recognition we’ve received suggests that the industry has taken note,” said Dave Smith, Coast’s founder and CEO, in a statement. “Coast has always sought to manage risk and minimize volatility while achieving competitive returns. We look forward to implementing our investment ideas through our fixed-income strategy and we believe that current and future market conditions will continue to present attractive investment opportunities for this strategy.”
The Coast fixed-income strategy focuses on liquid U.S. Treasuries, employing a pure relative value approach and market neutrality. The firm sees a bright future for the strategy, due to expected volatility in the market, the result of economic uncertainty domestically and abroad.
Established in December 1990, Coast is majority owned by its management.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…