Wednesday, 8 July 2015
Last updated 5 hours ago
Sep 25 2007 | 12:34pm ET
Tapestry Investment Co., a London-listed fund of hedge funds managed by New York-based Ramius Capital Group, nearly doubled its assets under management in a new share sale.
The multi-strategy fund of funds, managed by Ramius HVB Partners, a joint venture between Ramius Capital and Germany’s Bayerische Hypo-und Vereinsbank (all investment decisions are made by Ramius Capital), sold 52.1 million new shares on the London Stock Exchange at £1 (US$2) apiece. The fund, which first listed on the LSE two-and-a-half years ago, now boasts about £110 million (US$222.6 million) in assets.
“The portfolio allocations in TIC allowed for strong performance relative to markets and its London-listed peer group during the recent months of severe market dislocation, amid a global deleveraging and credit market upheaval,” Thomas Strauss, CEO of Ramius HVB, said of his fund, which was flat in July and August and up 7.4% through the end of August.
The new shares were sold to both existing and new investors, Tapesty said, and will eventually be merged with the existing shares, with new shareholders getting a proportional number of shares based on net-asset value. Currently, Tapestry shares have an NAV of roughly £1.15 (US$2.33).
May 27 2015 | 2:15pm ET
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