Mirabaud to acquire shareholding in Prosper and joint-manage multi- manager UCITS fund

Geneva, 2 December 2010 – Mirabaud is to engage in a partnership with Prosper Professional Services SA in an alternative asset allocation fund in Luxembourg geared to the European UCITS III directive. Mirabaud is teaming up with Prosper as of December 15 to manage a multi-manager fund likely to total almost EUR 100 million in volume by the end of the year. This will enable Mirabaud to ramp up its portfolio management service. The fund will be distributed in Switzerland once it has been approved by FINMA. Mirabaud is acquiring a minority stake in Prosper.

 

Prosper

Prosper is a company specialising in investment advisory and the marketing of collective investment schemes for professional cli- ents. It was founded by Riccardo Barilla and Thierry Robin, former CEO and Head of Sales of the Oyster fund range respectively. Their extensive experience of working for asset managers and finance professionals has enabled them to acquire the necessary expertise not only for identifying and promoting talented managers, but also for developing services geared primarily to investment professionals.

 

A combination of complementary strengths

Pooling together their respective experience and know-how, Mirabaud and Prosper have devised an alternative asset allocation portfolio, courtesy of a shared approach to quantitative and qualitative analysis. Based around 12 alternative and absolute return asset managers, this fund of funds uses different management styles and complementary asset classes to drive performance. Its objective is to achieve an absolute performance irrespective of the market environment and to keep potential losses actively in check. The product incorporates funds which, over years, have built up an attractive track record within the UCITS universe. It relies on a rigorous management policy in terms of performance evaluation and risk analysis.

 

With almost 40 years’ experience in alternative asset management, Mirabaud offers a proven range of products in this field, able to resist market fluctuations and providing monthly liquidity. «Our unique experience, combined with the know-how that Prosper brings to the table in relation to manager selection and marketing, allows us to offer an alternative asset allocation fund in a more regulated guise, thereby facilitating access to a wider community of investors» said Anne-Cathrine Frogg Spadola, manager of the fund within the Mirabaud Funds department. «Whether in terms of liquidity or risk management, this fund is a natural successor to our current alternative products.»

 

«Given that we already had a capital stake in Prosper, we thought it was only natural to take things further and bring our own management expertise to bear» explains Umberto Boccato, head of the Mirabaud Funds department.

 

UCITS III – a «European passport» for investor security

Established to harmonise the various legislation of European Union member states with regard to undertakings for collective in- vestment and to give such undertakings a «European passport», the UCITS directive – known today as UCITS III – affords investors a level of transparency and effective protection. Innovative in numerous respects, the new fund offers an alternative risk/return profile while benefiting from the advantages of a strict, euro-friendly regulatory framework.

 

A multi-faceted product

«Managed by an established team of specialists, this fund combines the best of both worlds: knowledge of the SICAV/UCITS landscape and the expertise of hedge fund managers» says Thierry Robin, Managing Partner of Prosper, who recognises the added value provided by this newly developed Mirabaud product. «Our partnership will enable us to identify managers across an extremely broad spectrum and build a portfolio of decorrelated funds in a highly original fashion within the SICAV universe» he adds. «With almost one year under its belt, nearly EUR 100 million in assets invested and top-notch returns, this product will allow investors to benefit from the convenience, (weekly) liquidity and user friendliness which characterise collective investment funds, while enjoying alternative, decorrelated levels of performance.»

 

This new fund, for which approval is initially being sought on the Swiss, French and Spanish markets, is geared to professional and private clients.

 

Mirabaud in brief

Mirabaud & Cie, banquiers privés, was founded in Geneva in 1819. Established as an international brand, Mirabaud is active on four continents and has an international clientele for its individual advisory and financial services structured in three business lines: private banking (portfolio management, investment advice and services to independent asset managers), asset management (insti- tutional management, fund management and distribution of conventional and alternative funds) and intermediation (brokerage, corporate finance and debt capital management).

 

As an independent company undergoing significant expansion, Mirabaud tripled the volume of its assets under management in 10 years, totalling CHF 24 billion on 31 December 2009. Mirabaud employs close to 600 people, half of whom work outside Swit- zerland, and it has offices in 14 locations: Geneva, Basel, Zurich, London, Monaco, Paris, Madrid, Barcelona, Valencia, Montreal, Nassau, Dubai, Hong Kong and Auckland.

 

More information can be found at: www.mirabaud.com

 

Queries

Laurent Koutaïssoff

Head of Communication

Mirabaud & Cie Banquiers Privés

29, boulevard Georges-Favon

1204 Genf

T +41 (0)58 816 23 90

F +41 (0)58 816 33 90

M +41 (0)79 786 78 93

laurent.koutaissoff@mirabaud.com

 

Thierry Robin

Prosper Professional Services SA

Route d’Hermance 111

1245 Collonge-Bellerive

T +41 (0) 22 752 69 69

F +41 (0) 22 752 69 65

thierry@prosperfunds.lu