Thursday, 26 March 2015
Last updated 18 min ago
Sep 14 2006 | 12:00am ET
Coast Asset Management is making changes to the ownership structure of its $240 million Coast Special Situations Fund, which the firm launched in May of 2003.
According to a source close to the firm, under the original agreement, Brian Selmo, manager of the fund, was seeded by Coast, and now that his fund has performed well and has a track record, both Selmo and the firm felt the time was right to revisit the agreement.
“It is a simple equity transfer. Now Coast will become an equity owner,” said the source, who spoke on condition of anonymity. “The changes are that the economics are more focused toward Brian.”
Coast Special Situations is up 5% this year through July, and has seen gains of almost 18% since inception.
The strategy of the fund and all of its back office support and marketing resources, as well as the location of Selmo’s offices in Coast’s headquarters, will remain unchanged, and the assets of the fund will be transferred to a new vehicle, the Eagle Lake Special Situations Fund, on Oct. 1.
Coast Asset Management has various funds, including single-strategy hedge funds in the fixed-income arbitrage space, fund-of-hedge funds that don’t invest in the firm’s single-strategy funds, and other structured financed vehicles.
In total the Calif.-based firm has $7 billion in assets under management.
Before joining Coast, Selmo was with the New York-based firm Third Avenue Funds.
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…