Guernsey Fund Of Hedge Funds Wins Coveted Award
by Phillip Morton, Investors Offshore.com
23 November 2007
The Discovery Fund from Sigma Asset Management in Guernsey has received a leading
industry award for its risk/return performance over a twelve month period.
The specialist emerging markets fund of hedge funds was named ‘Best Performing
Specialist Fund of Hedge Fund over One Year on a Risk/Return Basis’ at
the European Fund of Hedge Funds Awards, hosted by the trade journal Hedge Funds
Review.
“We are naturally delighted to win the award. This prestigious accolade
reflects the premier levels of performance and service that we have been and
will continue providing to investors,” commented Hugues Lamotte, Chairman
of Sigma Asset Management (Guernsey) Limited’s Board of Directors.
The Discovery Fund is a cell of SAM Diversified Holdings PCC Limited, a Guernsey
domiciled Protected Cell Company (PCC). It is managed by Sigma Asset Management
(Guernsey) Limited, a wholly owned subsidiary of the Atlas Capital Group. The
latter provides advice on hedge fund selection.
The open-ended fund was launched in April 1997. It invests in hedged and directional
equity and debt in emerging markets, and was US$188mn in size as of the end of
October.
It delivered returns of 33.8% in the year to the end of September (the twelve
months on which the award was based) and 35.14% for the year to the end of October.
“Guernsey is an attractive jurisdiction in which to base fund operations
because it is renowned for its robust yet pragmatic regulatory environment,
has considerable experience and expertise in a wide range of asset classes and
is at the forefront of innovations such as the PCC,” announced Alex Wise, Head
of Legal and Due Diligence at Sigma Asset Management.
Guernsey based service providers to the fund include administrators Close Fund
Services Limited, custodians Fortis Bank (CI) Limited, legal advisers Carey
Olsen, and auditors Deloitte & Touche (Guernsey).
Mr Lamotte added: “Sigma has now operated out of Guernsey for six years
and is committed to the Island. We do receive investment advice from London
but the management, administration and other services to our funds are physically
carried out from Guernsey.”
Peter Niven, Chief Executive of GuernseyFinance – the promotional agency
for the Island’s finance industry, commented: “Guernsey continues
to grow its reputation as a jurisdiction of choice for a whole range of funds,
from the traditional to alternatives such as Sigma’s fund of hedge funds
The Discovery Fund. Its awards success demonstrates the high quality of fund
management expertise that exists in the Island – it is a vital element
of the Island’s excellent funds offering.”
A comprehensive report in our Intelligence Report series
examining offshore investment, offshore stock exchanges, trusts and hedge funds is
available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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