New York (HedgeCo.Net) – $10.6 billion hedge fund investment platform and the global investment arm of Cowen Group, Inc., Ramius LLC., is seeking regulatory and shareholder approval to hire State Street Global Advisors, the asset management unit of State Street Corporation, to serve as sub-advisor to an new open-end mutual fund, the Ramius Trading Strategies Managed Futures Fund.
State Street’s chairman, president and CEO, Joseph L. Hooley, reported the company’s Q2 financial results saying: “During the second quarter of 2014, we purchased approximately $410 million of our common stock and ended the second quarter with approximately $1.3 billion remaining under our March 2014 common stock purchase program authorizing the purchase of up to $1.7 billion of our common stock through March 31, 2015. We also increased our common stock dividend for the quarter to $0.30 per share. We continue to see strong demand for our products and services as evidenced by our second quarter new business wins which were $250 billion in asset servicing and $18 billion in net new assets to be managed.”
The new fund gives investors exposure to a high-conviction portfolio of managed futures managers on the Ramius managed account platform. The Fund’s board has approved the appointment of State Street as sub-advisor, subject to approval of the Fund’s shareholders.
As part of the proposed sub-advisory relationship, State Street will hire the Fund’s existing portfolio management team, which will preserve the continuity of the management team from the Fund’s inception. As the primary advisor to the Fund, Ramius will continue to provide the Fund’s back-office platform, operational due diligence and marketing support.
Ramius anticipates that the shareholder vote will take place in September 2014 and, if accepted, will become effective around mid-September 2014. After shareholder approval, the Fund is expected to be renamed the State Street/Ramius Managed Futures Strategy Fund.
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