Fortis Investments acquires majority stake in leading Fund of Hedge Funds platform
Brussels / New York. November 10th, 2006. Fortis Investment Management Inc (‘Fortis Investments’) and Cadogan Management LLC (‘Cadogan’) today announced that they have entered into an agreement to combine their respective Fund of Hedge Funds activities in a new stand-alone asset management company. The new business will trade under the name “Cadogan”, with Fortis Investments as the majority shareholder, holding 70%.
The new business will have combined assets under management of USD3.7billion, managed on behalf of a diverse, international client base across North America, Europe and Asia, by its team of 42 dedicated professionals based at its New York headquarters and satellite office in London. Cadogan will focus on building out its existing product range for continued international distribution in North America, Europe and Asia, with the clear goal of being a leading provider of investment solutions in this asset class. The Cadogan management team, namely Stuart Leaf (CEO), Paul Isaac (CIO) and Michael Waldron (Director of Research) will remain both as members of the Executive Management Team and significant shareholders in the business.
Stuart Leaf, Managing Member & CEO of Cadogan Management LLC:
”The involvement of Fortis Investments in our business considerably expands our ability to bring to our current and future clients the performance, innovation, service and security they have grown to expect and enjoy. It also provides us with direct access to a significant and focussed distribution network for our products in a fast growing international marketplace. As an independent member-owned company, it is natural we would only collaborate with an organisation with a similar culture and values set to our own, and one that fully understands the essence of our approach to asset management. I am delighted to say that in Fortis Investments we have found such a partner. All of my colleagues and I are very much looking forward to working together to build and enhance our business in a way that significantly benefits both our existing clients and those of tomorrow.”
Richard Wohanka, Global CEO of Fortis Investments commented:
“We are delighted to make this significant investment in the Cadogan business, its principals and its people. We see very strong global investor demand for Fund of Hedge Funds products across our client base going forward. Through the Cadogan team, we have strengthened our capability in alternatives and have broadened our product offering with a range of institutional quality funds. It gives us real critical mass in an asset class which is increasingly in demand by institutional investors.”
The transaction is subject to standard regulatory approvals and closing conditions, and is expected to close within 90 days. The transaction will have no impact on Fortis’s net profit per share.
Fortis Investments is a multi-centre, multi-product asset management company. As the asset manager of Fortis, Fortis Investments has EUR 116 billion of assets under management* with over 50% of its revenues generated by 3rd party clients. Based in Europe, the company has a global presence, with both sales offices and some 20 dedicated investment centres in Europe, the USA and Asia. Fortis Investments offers international investment solutions, while meeting the requirements and needs of local investors, both institutional and wholesale retail. Employees number 811** of whom 224** are dedicated investment specialists. Activities range from institutional portfolio management to the development and management of mutual funds, such as the Fortis L Fund, which currently has some 116 sub-funds. Fortis Investments is a client-driven organisation using a disciplined investment process to satisfy its clients’ varied needs.
*All figures per end September 2006
** Includes the Chinese JV, Fortis Haitong
Cadogan Management LLC
Cadogan Management LLC is a leading global Fund of Hedge Fund specialist based in New York and London. Formed in 1994 by the current CEO, Cadogan has a long history of providing high performing and innovative investment products to its institutional and wholesale clients worldwide through its staff of 33, inclusive of 21 investment professionals. With a diverse client base spanning North America (55%), Europe (35%) and Asia (10%), Cadogan has built a world-class reputation for its delivery of client service and performance.
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