HFA Accelerator detangling from HFA
Hedge fund manager HFA Accelerator Plus (HAP) has appointed a new adviser following its split with HFA Asset Management earlier this year.
The listed hedge fund manager has given London-based GAM International Management an initial investment of US$30 million in a portfolio of eight international hedge funds.
GAM International Management is part of GAM Holding, a Swiss company that also owns Swiss & Global Asset Management.
HAP’s new portfolio has one core trading strategy managed by GAM and seven satellite strategies managed by third party managers.
The HAP board has been looking for a new manager for some months, following the termination of its agreement with HFA Asset Management in February.
HAP is trying to accelerate the redemption process for investments and legacy assets still held by Lighthouse Investment Partners, a wholly owned subsidiary of HFA Holdings, the parent company of HFA Asset Management.
HAP described these investments as remaining relatively “illiquid and uncertain”.
The group wants to use the proceeds of these redemptions to build the new investment portfolio.
HAP itself is trying to reposition to achieve a re-rating of its shares. The HAP board said it hopes the combination of the new investment program, as well as “modest” capital management, including an on-market share buy-back program, will help to reposition the company.
HAP had net assets of approximately $90 million at the end of May.
GAM manages around US$50 billion in assets across long equity, alternative and fixed income investments.
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