Tuesday, 26 May 2015
Last updated 1 hour ago
Feb 20 2008 | 11:16am ET
IFIL Group, the investment company controlled by the Agnelli family, has signed an agreement to invest US$90 million in fund of hedge funds firm Vision Investment Management.
The agreement involves a five-year mandatory convertible bond, which, on conversion, gives IFIL a 40% interest in the Hong Kong-based hedge funds operator. The investment is being financed from IFIL’s existing cash resources. Until conversion, the bond will provide IFIL with a fixed annual yield of 5%.
The proceeds of the bond will be used by Vision’s management to buy back shares currently held by a group of Vision’s founding investors. It will also be used to support the hedge fund firm’s expansion plans in the Asian alternative investment management space.
The management and staff of Vision will remain as the largest and controlling shareholders of Vision.
IFIL is listed on the Italian Stock Exchange and actively manages a portfolio of assets across a range of sectors.
Vision currently manages some US$1.33 billion in fund of hedge fund assets.
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…