West Palm Beach (HedgeCo.Net) – The Directors of Cayman based Camelot Global Investments announced a management buy-out of their hedge fund, in cooperation with Merlin Global Enterprise.

Camelot will join Arkanar Financial Holdings, with the head office being relocated to Tallinn, Estonia. A branch will remain in Caymans.

The key staff members will stay, "It is important that we were able to maintain all trading and administrative staff," the board announced, "We have only lost the former majority shareholders who decided to retire and leave the industry."

Bob Torkelund has joined as Managing Director and co-shareholder, he will head the entire promotion, distribution and the servicing of funds. Torkelund will also lead the launches of new products according to market demand.

"I am really delighted to be able to be part of this young, dynamic team especially because we have been working together for a while on a consulting basis and have got to know each other very well and know where to support each other. The combination of my experience and contact network makes it a thrilling opportunity for both parties”, Torkelund said.

Apart from Torkelund, head trader Thomas Feldt and Jevgeni Geller are still shareholders and directors in the company. Having contributed largely to the past success of Camelot, they and are enthusiastic about the challenge. Geller will concentrate on business development, overseeing all operations to ensure continuity in performance and service. Feldt will continue to head the trading desk and will be responsible for investment strategy.

The investment strategy will reflect Camelot’s previous success. Feldt analyses systematic trading and global macro strategy, making adjustments in conjunction with market change in order to ensure constant development in the returns.

On September 15th 2008 Arkanar Financial will be launching their first Cayman licensed fund in cooperation with Capita Financial, Gibraltar.

One of the significant differences with non-regulated funds is that they can offer investments from as little as $10 000 and subsequent deals from $1000.

Arkanar Financial Holdings also utilises electronic clearing facilities ( Euroclear /Clearstream), accepting deals on a -payment against delivery- basis which opens basically for a large number of Europeans banks to be able to invest on behalf of their clients, a big step for the more general investment population to be able to test hedge funds without having to risk a large part of their portfolio on one position.

The initial offering period will be running till September 30th.

Alex Akesson

Editor for HedgeCo.Net
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The DIFC has clarified its position on news reports that have recently appeared regarding ‘Rashed Investment Bank’ an Islamic investment bank which has been proposed to be set up in Dubai. The DIFC said that while it welcomes initiatives within the Islamic finance industry, the “DIFC clarifies that it is not a member of the founding consortium of ‘Rashed Investment Bank’ and does not have a financial stake in the venture.”

Word had appeared in some media outlets that a new Islamic investment bank was going to be set up in Dubai, would have authorised capital of around $1 billion. The report which initially broke in the UAE’s Al Bayan newspaper claimed that the new bank would deal in hedge funds, structured products and equity capital markets.

It claimed that a number of investors from the UAE, Kuwait and Saudi Arabia were behind the new entity, although their identities were not made public, adding that it would be headquartered in the DIFC.

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New York (HedgeCo.Net) – Citigroup Inc. will close its $400 million Tribeca Convertible hedge fund in what will help wind down the $2 billion Tribeca Global Investments Group, according to a report published on Bloomberg.com.  The closing of the fund has not yet been made public, but investor redemptions are thought to be the reason for the fund’s demise.

The fund uses a convertible arbitrage strategy, which involves acquiring company bonds that can be converted to common stock which in turn may be shorted.  Tribeca Convertible was down a mere 5 percent this year.   

This is the latest failure in a string of attempts by Citigroup to offer their clients a broader array of alternative investments.  Two months ago they closed the $800 million Old Lane Partners, founded by Citigroup CEO Vikram Pandit, after investors redeemed over $200 million.    

Citigroup was hit hard by the subprime-related mortgage fallout last summer, forcing its hedge funds to suffer.  The bank’s Falcon Strategies funds were closed this year, even after a $500 million influx of capital by Citigroup. 

CSO Partners, another hedge fund run by Citigroup also closed its doors this year after suspending investor redemptions.  The company wrote down over $15 billion in losses the first two quarters of 2008. 

Tribeca Convertible Portfolio Managers Andrew Wang and Jeffry Chmielewski are rumored to be thinking about starting their own fund.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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