Friday, 24 February 2017
Last updated 14 hours ago
Feb 20 2008 | 10:29am ET
Fund of hedge funds firm Offit Capital Advisors has replaced Azimuth as investment adviser of the Capital Preservation Fund.
The vehicle, a non-directional, low volatility fund of hedge funds, was seeded in December 2004 by Azimuth co-founder and chief executive Terence Meehan. Financial terms of the transaction were not disclosed.
Azimuth said it believes the new arrangement is in the best interests of current and future investors in Capital Preservation, which will continue to be managed as it has been under Todd Petzel, who recently joined Offit as its chief investment officer. He previously served as CIO at Azimuth Trust Management from 2003 to September 2007.
“Investors have been attracted to Azimuth for three reasons–its approach to risk and return, its cutting-edge risk analysis models and its fund warehouse of 7,000 hedge funds,” said Meehan. “These features will continue under the arrangement, with Offit becoming managing member and investment adviser to the fund.”
Azimuth Holdings is an SEC registered, asset management firm with a particular focus on hedge fund investments. Offit Capital Advisors provides investment advisory services to family offices and institutional investors and had assets under supervision of $5.2 billion as of the end of September 2007.