euro adhoc: Fortune Management Inc.
Joint Ventures/Cooperation/Collaboration /
- Recently acquired FHLSP initiates its first Transaction
- Fortune establishes its first Private Equity Manager
- Joint Venture with Moneda Asset Management
- Hamilton La
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
07.10.2005
Zug/Switzerland, October 7, 2005 - Fortune Management Inc. (General Standard, ISIN USU026281027, SIN: A0BLYY) through its recently acquired subsidiary FHLSP Private Equity Group Inc. established its first private equity investment manager with Moneda Asset Management, Santiago de Chile. Hamilton Lane Advisors, based in Philadelphia, will, subject to final negotiation and approval of all documentation, act as discretionary investment advisor.
The Chilean registered private equity management company Antartic International Private Equity S.A is a joint venture owned equally between Fortune and Moneda. Antartic International is establishing its first private equity fund with the purpose to offer pension funds in Chile, which manage over USD 60 billion, the opportunity to invest abroad in private equity opportunities alongside the largest institutional private equity investors in North America and Europe. The current legislation in Chile allows for up to 30 % of pension fund assets to be invested abroad.
Moneda Asset Management was formed in 1993 and is one of the most highly regarded asset management firms in Chile. It advises proprietary funds of well over USD 1 billion from all six national pension fund managers, as well as most of the large institutions in the country. In addition, it manages money from the IFC, Washington, a subsidiary of the World Bank, which is also an equity investor in Moneda.
Hamilton Lane Advisors is one of the world largest private equity advisors and managers, with currently over USD 44 billion in private equity commitments and over USD 6 billion in discretionary management. Hamilton Lane has a global presence and advises a number of the worlds largest pension funds in their private equity investments.
End of ad hoc release
The representatives of the joint venture partners comment the deal as follows:
José Miguel Musalem, Partner and Executive Director of Moneda: "As the only investment grade country in Latin America, Chile enjoys one of the most modern pension fund systems world wide, in which local and regional private equity has been a recognized asset class for some time. Due to their size, the pension funds are now positioned to look abroad to invest their private equity fund allocations. Together with our partners Fortune Management and Hamilton Lane we have structured this international private equity fund to cater to the specific needs of pension fund investors and offer them the opportunity to invest alongside some of the worlds most successful private equity investors."
L. Wayne Harber, Managing Director of Hamilton Lane: "In North America, private equity has been an important asset class for pension funds and institutional investors for a long time. We see rising allocations and many new institutions, with allocations from a few percent to over 10 % in the case of some of the largest pension funds. Hamilton Lane has been an advisor to these investors for over 13 years. We are very pleased to put, as advisor to the new joint venture, our experience and expertise to work in Chile. Based upon our initial meetings with representatives of several of the Chilean pension fund managers we anticipate an enthusiastic response to this new opportunity. "
Paul Bagley, Chairman of Fortune Management: "The formation of this joint venture marks the delivery of the first transaction from the pipeline which Fortune originally acquired from HLSP. Moneda is known as the most innovative institutional asset manager in Chile and has an excellent investment track record. Hamilton Lane is one of the largest private equity advisors and managers in the world. We anticipate that this joint venture will capture a substantial market share, with rising allocations to private equity over the next several years, mirroring well established trends in North America and Europe."
Further information on the partners:
www.moneda.cl www.hamiltonlane.com www.fortune-management.com
Profile of the Fortune Management Inc.: FORTUNE Management Inc,
Zug/Switzerland, pursues two parallel consolidation strategies: In
the Asset Management division the acquisition of independent asset
management companies primarily operating in Switzerland, but also
internationally, is in the centre of the interest; in the Private
Equity segment Fortune focuses on the acquisition or establishment of
private equity managers on a global scale. Both operations work from
the same platform. FORTUNE has subsidiaries in Zug, Zurich, Geneva,
and Dubai. The company targets the acquisition of a majority share in
the asset management or private equity companies. With the
integration into the group, the acquired companies of both segments
are relieved from as much administrative work ("middle office") as
possible. They continue to operate in the market under their
established trade name. Neither the customer nor the custodian bank
relationships of the asset managers are altered. The realized
economies of scale result in improved cost ratios. In the Asset
Management division the support in the areas of research as well as
portfolio management aims to enhance the risk-adequate return for the
asset managers clients. In the Private Equity segment the companies
achieve an increase in volume and a broadening of their base.The shares (ISIN: USU 026281027) of the company are listed at the Geregelter Markt [Regulated Market] (General Standard) of the Frankfurt Stock Exchange.
end of announcement euro adhoc 07.10.2005 07:34:40
Further inquiry note:
For further information:
Fortune Management Inc.
Christian Hillermann
Investor Relations Manager
Tel.: +49 40 / 23608-897
Fax: +49 40 / 23608-500
Email: ir@fortune-management.com
Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Index: General Standard, Prime All Share, HDAX, CDAX
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade