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Name | Symbol | Market | Type |
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Thames Wuf 34 | LSE:BK61 | London | Bond |
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Lehman Bros Holdings Inc 24 April 2002 THIS IS A NON REGULATORY ANNOUNCEMENT EDGEWORTH CAPITAL LLP Press Release For immediate release EDGEWORTH CAPITAL TO BE LAUNCHED New investment management venture will be majority-owned by Lehman Brothers LONDON, 24 APRIL, 2002 -Edgeworth Capital LLP, a new UK-based investment management firm, is being launched today. The firm, majority owned by Lehman Brothers, the global investment bank, will focus initially on hedge fund products that will target institutions and high net worth individual clients. Edgeworth Capital will be led by Wesley Paul, previously Global Head of Investments with J.P.Morgan Asset Management, together with several other highly experienced investment partners. Recent trends in asset management, such as consolidation and product commoditisation, together with continuing market volatility has provided an attractive environment in which to launch the firm. Currently, the marketplace is highly fragmented with nearly 6,000 participants and is characterised by the lack of large, well-financed, high quality providers. The launch of Edgeworth Capital takes advantage of this opportunity. The hedge fund industry has enjoyed 20 per cent annualised growth over the last ten years* and is expected to grow to well over US$ 1 trillion by 2005; importantly, a large proportion of that growth is expected to come from institutional investors. Edgeworth Capital will be structured to provide competitive high margin, high growth products. The firm's management has a strong focus on fiduciary duty and traditional values and as a result has attracted some of the industry's best people. In addition, it has the financial backing of a respected, global company. Mr. Paul said, "The hedge fund market, despite rapid growth over the last several years, is looking for the emergence of a strong player with a quality corporate partner, global reach, talented people, transparent processes and traditional values. With continuing consolidation in the asset management industry the timing of this launch is perfect and will benefit our clients." Edgeworth Capital's target clients will be large and medium sized institutions, funds of hedge funds and high net worth, sophisticated investors. Initially, it plans to launch two funds: a Global Fund, led by Joe Rooney, previously Global Strategist with Lehman Brothers in Europe, and a Pan European Equity Fund. Raul Biancardi, Co-Head European Private Client Services at Lehman Brothers, said, "This venture will allow Lehman Brothers, and its partners, to develop new revenue streams, both from Edgeworth Capital itself and also by cross-selling to existing private clients and other Lehman Brothers clients globally." It is anticipated that further such initiatives will follow this, as Lehman Brothers develops its alternative asset management business. In November 2001, Lehman Brothers embarked on a joint venture with Ehrenkranz & Ehrenkranz LLP to provide wealth management services in manufacturing and distributing fund of hedge fund products. Mr. Paul concluded, "This venture aligns all stakeholders interests. Our clients get instant scale with an excellent, focused investment team, backed by a global investment bank. " -ENDS- * Van Money Management, TASS, McKinsey Media Contacts Edgeworth Capital Wesley Paul + 44 20 7011 8701 Smithfield Financial John Kiely + 44 20 7360 4900 Lehman Brothers Stewart Prosser +44 20 7011 7252 Jessica Shepherd-Smith +44 20 7260 1923 This information is provided by RNS The company news service from the London Stock Exchange
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