1. Manager Maps Long-Only Vehicle
Van Hulzen Asset Management is aiming for a January
launch of a hedge fund that would follow the same covered-call
strategy the firm employs for some of the separate accounts it
manages on behalf of Charles Schwab.
The Folsom, Calif., firm plans to start investing through
OCTOBER 7, 200
Iron Horse Core Equity Fund with $20 million. It’s thinking 9
2 Deutsche Cate
ring to Startup
Agents Try Head
ing Off US Marketin
Firms Shaken by an SEC g Rules
about starting an offshore version of the vehicle next year. 3 CDO Manager
3 Danish Firm
Preps Hedge Fund party hedge fund
meeting later this
mon
proposal that coul
marketers will revis d severely damage their busi
e their code of ethic ness,
s at an upcomin third-
Tees Up Hedge The move planned th in Chicago.
The vehicle would be run by the company’s founder and 3 A Shrinking GSC
Funds
Closes NY Offic
e
effort to head off
fede
by the Third Party
Marketers Asso
g annual
tion of the institutio ral regulation and legislation that ciation is part of an industry
nal-investment com would severely limit
president, Craig Van Hulzen, and John Pearce, a former Credit 4 The Fund of Fund
5 Manager Map
s of Tomorrow?
s Long-Only Vehi
Some marketers munity that plac
tered with the SEC have begun refusing to handle
legislation that wou— a gesture that could soon beco
ement agents can
hedge funds that serve.
the por-
aren’t regis-
cle ld me moot under
Suisse investment professional. 8 Cargill Unit in
Commodity-Stock
Play
At the same time require most funds to register.
slowly advancin
g.
, promised regu
latory reforms for
pending U.S.
8 Silver Creek
Gives Up on 2 Fund firms would be Under an SEC proposal introduce the hedge fund industry are
They view their planned fund as a long-bias play. The s bann
between investme ed from receiving payment d in August, fund-marketing
nt advisors and for
government pens serving as a matchmaker
ion plans. The
$2.2 trillion
“writing covered calls” strategy is considered a conservative THE GRAPEVINE OptCapital Offers
Novel Deferred
See AGENTS on
Page 6
Andrew
-Comp Plan
investment strategy that involves selling call options on Bilzin arrived at
last week as direc
tor
Tremblant Capi
had been head of of marketing. Bilzin
tal
A hedge fund com
shore fund man
ager
pensation consultan
t has come up with
change restrictin s to defer income for tax purp a creative
investor relations
at g the practice. oses, despite a rece way for off-
stocks the fund owns. That earns additional income by col- Alson Capital,
amid heavy rede
$2 billion under
which shut down
in Apri
mptions. Tremblan l
t has
OptCapital of Cha
to continue offer rlotte is unveiling a product this
ing
detail the product deferred-compensation plan
week that will allow
nt tax-code
man managers
26% so far this year agement after rising
lecting premiums from the sale of the calls, and it takes on operator was foun . The New York fund
Barakett, whose
ded in 2001 by Brett
tom
e
Deferred-comp fund pros.
plans — which
s to
ly promoted to hedg orrow during a Web presenta key staffers. The firm will
tion that has been
aggressive-
brot the purpose of dela involve parking
protection against moderate declines in the price of the shocked the indu her, Timothy Barakett,
stry
announcing he was in August by
winding down his
ers as of Jan. 1, ying tax payments — were mos
through 2017, but 2009. Managers can maintain
are forbidden to
income in offsh
existing deferred
ore
tly banned by fede vehicles for
ral lawmak-
flagship fund at
underlying shares. Atticus Capi
Sales executive Jaso
tal. OptCapital said
exemption in the its new product,
law that permits
make additional
cont
dubbed Fund App ributions.
deferred compens
reciation Rights,
-comp plans
expl
way to Cantor Fitzg n Meklinsky is on his ation in the form oits an
Management will use a Credit Suisse database, HOLT, to a prime-brokerage
erald to help asse
mble
ed to arrive at the platform. He is expect- Focus of Swiss
See OPTC
of stock
APITAL on Page
10
New York firm in Fund Is Role of Wome
screen companies. The firm is marketing the planned fund as a month. Meklinsk
y
at Merlin Securities most recently worked
prime broker. He a San Francisco
,
about Swiss manager
invest only in com Naissance Capital has teed up
pani
n
an equi
joine The 10-year-old es with women among their lead ty hedge fund that will
a way to ride out a choppy, sideways moving market for the York office in Dece d Merlin’s New
prime-brokerage
mber 2008 from
unit.
UBS’
Leadership Fun
d,
Zurich firm is
hoping to raise ership.
Naissance foun which will begin trading next week$300 million for Women’s
der James Brei with an undisclo
next 10 years. Van Hulzen Asset is targeting annual net returns Researcher Mich
ael
York-based Scop Dworkis joined New
ia
assembling a port
and outside his
Global of Chic
ding
folio-managemen has taken an unconventional
firm. Among them t team, drawing on managers fromapproach to
is Ann Dias Griff
sed sum.
both inside
previously worked Capital this month. He ago. She is the in, who separatel
of 12-15%. Capital Managem
Scopia, establishe
as an analyst on
ent’s energy fund
d in 2001 by Jere
.
CSL
Chicago-based Citad
el
The managers of Investment.
companies base
wife of Ken Griff
the long/short fund
in, the high-pro
y runs Aragon
file founder of
d on will start with a
The firm is charging a 1.5% annual management fee, and a See GRAPEVINE
my
on Back Page
screening for a pres fundamental stock analysis,
ence of women
in management
field of several hun
and then narrow
and on corporat
dred
the field by
e boards. The
performance fee equal to 10% of the gains that exceed the See SWISS on
Page 8
returns of the S&P 500 index.
Established in 1996, Van Hulzen Asset manages three vehi-
cles known as the Iron Horse funds, and has $250 million in
assets under management. Some $200 million of that total is in and other state pension plans before starting his fund-man-
250 customized separate accounts managed on behalf of agement firm. Pearce has been with Van Hulzen Asset since
Charles Schwab clients. It also subcontracts to provide consult- February 2008. Before that, he was a director at Credit Suisse,
ing services to managers with $6 billion in assets. where he worked on the HOLT database and specialized in
Van Hulzen was a risk-management consultant to Calpers fundamental equity analysis.
HEDGE FUND ALERT: October 7, 2009, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700