Wealth manager Amram Capital has launched of its new high yield fixed income fund, the Princes Park Capital fund, that will be led by hedge fund expert Georges Gedeon.
Acting as chief investment officer (CIO), Gedeon will leverage his years of experience to capitalise on targeted investment opportunities that encompass identifying misunderstood but deleveraging sectors with strong governmental support; along with sectors where momentum is picking up such as oil and gas and related services; finding solid companies that have been temporarily negatively affected by macro drivers such as state action but whose fundamentals remain strong and that will therefore eventually reassert themselves (for example, Turkish exporting companies); as well as emerging market plays that are both under-covered and under-researched but benefit from strong governmental support; and closely observing special situations in a corporate actions-heavy market like M&A/IPO upside.
The new strategy will look at the full range of credit opportunities, long and short, across the capital structure. By exploiting market inefficiencies through in depth credit research it will utilise various investment strategies, which aim to amplify gains in rising markets, and protect capital during times of market stress.
The fund has a global mandate with the objective of generating high single digit absolute returns per annum while minimising volatility. It will focus on capital preservation through an unconstrained, high conviction strategy that is geographically agnostic, with a portfolio that is split investing across America (30%), Europe (30%), Asia (20%) and Central and Eastern Europe, Middle East and Africa (10%). It will have a respective 1.5% management and 20% performance fee.
Gedeon started his career in investment banking in 1989 at Merrill Lynch in New York. After acquiring twelve years' experience, mostly at Goldman Sachs, he then moved into asset management in 2002, firstly as portfolio manager at GLG Partners, before moving on to launch his own funds - namely Mereor Investment Management & Advisory, Millenium Capital and Antler Capital Partners.