Wednesday, 1 April 2015
Last updated 53 min 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).
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…