Investing with Confidence in India -...
Transcript of Investing with Confidence in India -...
1© Copyright 2016 | Milltrust International Group (Singapore) Pte. Ltd.
© Copyright 2015 | Milltrust International Group (Singapore) Pte. Ltd.
MILLTRUST INDIA FUNDInvesting with Confidence in India
2© Copyright 2016 | Milltrust International Group (Singapore) Pte. Ltd.
1. Executive Summary
2. UTI
3. Milltrust India Fund Strategy
4. Appendix
5. Biographies
CONTENTS
3© Copyright 2016 | Milltrust International Group (Singapore) Pte. Ltd.
OUR FIRM
Milltrust International is an award-winning global investment organization focused
on providing investment management expertise on both traditional and
alternative investments with a strong focus on the Emerging Markets. Milltrust’s
Emerging Markets Managed Accounts (UCITS) Platform is an open-ended
investment company incorporated in January 2012 under Irish company law and
regulated by the Central Bank of Ireland.
OUR TEAM
Milltrust has assembled a senior investment team with over two decades of
investment, portfolio management and fund selection experience, previously
responsible for managing some of the largest institutional pools of assets
dedicated to the Emerging Markets.
OUR OFFICESMilltrust is co-located in the regulated asset management hubs of Singapore and
London with additional regional presence in some of the most dynamic markets in
the world.
EXECUTIVE SUMMARY: COMPANY OVERVIEW
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REGIONAL EMERGING MARKETS FUNDS
Milltrust has launched a suite of actively-managed and regulated equity funds,
the Milltrust Funds, from across the Emerging Markets managed by best-in-class
and locally-based investment teams. Also collectively known as EMMA (Emerging
Markets Managed Accounts)
GLOBAL EMERGING MARKETS
PORTFOLIOS
The Milltrust Global Emerging Markets equity offering provides a complete
investment solution for investors looking for a true exposure to the developing
world. Also known as the Milltrust GEMMA (Global Emerging Markets Managed
Accounts) and Milltrust GEMMA (Global Emerging Markets) Portfolios.
EXECUTIVE SUMMARY: PRODUCTS OVERVIEW
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EXECUTIVE SUMMARY: PRODUCTS OVERVIEW
REGIONAL EMERGING MARKETS FUNDS
GLOBAL EMERGING MARKETS
PORTFOLIOS
Our Emerging Markets Funds are REGULATED (UCITS), managed by leading, locally-basedinvestment teams and structured as COMMINGLED MANAGED ACCOUNTS on the StateStreet custody platform.
*Note: launch in 2015
MILLTRUST LATIN
AMERICA FUND
MILLTRUSTAFRICA FUND*
MILLTRUST MENA FUND*
MILLTRUST CHINA FUND
MILLTRUST INDIA FUND
MILLTRUST ASEANFUND
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EXECUTIVE SUMMARY: GEMS PORTFOLIO OVERVIEW
The Milltrust Funds on the platform provide the BUILDING BLOCKS for a true EmergingMarkets portfolio. The Milltrust GEMS Portfolio combines the funds on the platform withadditional investment coverage across the rest of the Emerging Markets universe throughcarefully selected investment teams.
REGIONAL EMERGING MARKETS FUNDS
GLOBAL EMERGING MARKETS
PORTFOLIOS
Milltrust ASEAN Fund
Turkey Fund
Milltrust Greater
China FundMilltrust
India FundKorea Fund
Milltrust Latin
America Fund
Milltrust MENA Fund
Russia Fund
Africa Fund
GEMS Portfolio
STRATEGY• Long-biased, actively-managed and
benchmark agnostic investment strategies• Portfolio of high conviction ideas• Bottom up fundamental company analysis• Top down country/regional rotation• Overweight regions with favourable outlook
INVESTMENT TEAMS• Multi-manager approach• Managed by locally-based investment
teams• Investment teams have informational
edge and strong track record
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EXECUTIVE SUMMARY: AWARDS, NOMINATIONS AND ACCOLADES
8© Copyright 2015 | Milltrust International LLP
UTI
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• Established in 1964 as the Unit Trust of India by an Act of Indian Parliament, UTIAMC, a quasi-sovereign entity, is the oldest and the fifth largest asset manager inIndia with USD 32.4bn of assets under management in USD.
• In January 2010, T Rowe Price International Ltd acquired a 26% stake in UTI AMC.The remaining 74% is equally split between four of the largest state-owned Indianfinancial companies - Life Insurance Corporation, State Bank of India, Bank of Barodaand Punjab National Bank
• UTI International (Singapore) Pte Ltd, a fully-owned subsidiary of UTI AMC, is theflagship company representing the offshore interests of UTI AMC. With twoincorporated entities (in Guernsey and Singapore), and branch / representativeoffices in Dubai, Mauritius and United Kingdom.
• Today, UTI AMC has one of the largest market shares of domestic assets and retailclients in India.
MILLTRUST INDIA FUND: UTI CORPORATE PROFILE
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N. Murali (Singapore), is Head of Investments at UTIInternational Singapore, and lead portfolio manager for theMilltrust India Fund. He is also responsible for the firms ’diversified Asia Pacific ex-Japan fund.
His 15 years of experience in the industry across asset classes hashoned his in-depth understanding of the nuances of the Asian andIndian stock markets. N. Murali is responsible for the overarchinghedging overlay decisions which is overseen by a five memberInvestment Committee.
V. Srivatsa (Mumbai) is actively involved in the management ofthe long side of the Milltrust India Fund.
Together with his team, he currently manages over USD 550m inadvisory and segregated accounts, in addition to managing UTI’sflaghship 1986 fund which has been rated 4 stars by Morningstaron a consolidated basis.
The team is further supported by 23 investment professionals,one of the largest India dedicated teams amongst its peers
EXPERIENCED
TEAM OF INDIA
SPECIALISTS
INTRICATE
KNOWLEDGE AND
EXPERIENCE
INVESTING IN
INDIAN EQUITY
MARKETS
ONE OF THE
LARGEST
DEDICATED INDIA
TEAMS
MILLTRUST INDIA FUND: INVESTMENT TEAM
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13 Portfolio Managers
9 Analysts
1 Economist
INDIA SINGAPORE
MilltrustIndia Fund
N. Murali Head of
Investments
V. SrivatsaPortfolio Manager Long Only Equities
Murali NarayannHead of
Investments
Praveen JagwaniCEO
Manish Khandelwal
SVP - Products
Mohamed Faizal
Asst. Portfolio Manager
Investment Committee
2 Portfolio Managers
1 Analyst
1 Dealer
Viral BhutaPortfolio Manager
EFFICIENT
INVESTMENT
STRUCTURE
STRONG
RESEARCH
CAPABILITIES
MULTIPLE LAYERS
OF RISK
OVERSIGHT
MILLTRUST INDIA FUND: TEAM STRUCTURE
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NAME PRODUCT RESPONSIBILITY
YEARS WITH FIRM
YEARS IN THE
INDUSTRYLOCATION EDUCATIONAL
BACKGROUND
N. Murali Head of Investments 6 Years 15 Years Singapore CFA, B.A (Merit)
V. Srivatsa Portfolio Manager – Long Only Equities 12 Years 12 Years India MBA (IIM – Indore),
CA, ICWA
Viral Bhuta Fixed Income Portfolio Manager 2 Years 8 Years Singapore MBA, B.E.
Mohamed Faizal Asst. Portfolio Manager 5 Years 8 Years Singapore B. Sc (Honors), M.Sc. (Math)
Shilpita Guha Head – Dept of International Finance 20 Years 20 Years India Masters in Economics,
MBA
Alkesh Jain Research Analyst 6 Years 6 Years India B.Com, CA
Sharwan Goyal Research Analyst 8 Years 8 Years India MBA
Niranjan Das Dealer 9 Years 22 Years India M.Com, MBA
MILLTRUST INDIA FUND: TEAM RESPONSIBILITIES
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MILLTRUST INDIA FUND STRATEGY
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The Milltrust India Fund follows an actively managed long-biased multi-cap equity strategywith a value approach in India, incorporating fundamental research and quantitative multi-factor models to construct a portfolio of high-conviction stocks that will benefit from theIndia story. The strategy allows for some flexibility on hedging through the use of indexfuture shorts and cash to mitigate market volatility.
ACTIVELY MANAGED,
BENCHMARK
AGNOSTIC,
ALPHA SEEKING,
HIGH CONVICTION &
BEST IDEAS PORTFOLIO
FUNDAMENTAL ON-
THE-GROUND
RESEARCH
LONG-BIASED EQUITIES
WITH CASH AND
FUTURES HEDGING
MILLTRUST INDIA FUND: STRATEGY AND APPROACH
• Multi cap fund with around 60-65% allocation to large caps and balance in mid and small caps with a 2-3 year investment horizon
• Large emphasis on research and selection of mid and small cap stocks which are the main alpha generators of the fund
• Blend of value and growth, with a focus on ‘growth at a reasonable price’ • High emphasis on corporate governance and management quality,
irrespective of market cap • Concentrated, best ideas exposure diversified across 35-40 stocks with a
focus on liquidity • 95% of the portfolio is in the top two quadrants of the research process
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STEP 1ADVISORY
STEP 2DECISION MAKING
STEP 3EXECUTION
STEP 4FUND
ACCOUNTING
STEP 5CONTROL
Fund Management Team taking portfolio management decisions
Research Team advising Fund Managers on Companies, Sectors and Economy
Audit (internal and external), Compliance Team, Risk Management
Dealing Team executing investment decisions
Fund Accounting, Portfolio Valuation, Corporate Action Follow up
MILLTRUST INDIA FUND: INVESTMENT PROCESS
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MILLTRUST INDIA FUND: RESEARCH PROCESS – 5D APPROACH
Growth•Market/Industry•Sales
PositiveOCF*•Trend•Through-cycle
Earnings Quality*•OCF/EBITDA•FCF/PAT
Valuation•Generic metrics
•Sector metrics•Historic & Cross-sectional
Business Cycle
&Management
Quality
*Note: Has been a key differentiator for UTI MF
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Potential««««•†4 out of 5 years•RoCE > 12%[for Banks :0.9> RoA>0.8; Lev. <15-18x]
•Companies: 108•UTI Coverage: By stocks 58%By mkt cap 79% coverage
Evergreens «««««•†5 out of 5 years•RoCE > 15%[for Banks : RoA>0.9; Lev. <15x]
•Companies: 167•UTI coverage: By stocks 77%(69%*)By mkt. cap 95% coverage
Fairweather««•†More than 2 but less than 4 out of 5 years•Companies: 209•UTI Coverage:By stocks 44%By mkt. cap 61%
Hope”less”«•†Less than 2 out of 5 years•Companies: 50•UTI Coverage: By stocks 28%By mkt. cap 28%
† Positive OCF & PAT > Rs 50cr
Classification & coverage of top 534 companies based on fundamentals
* Three years agoUTI Portfolio : “Evergreens” 71%; “Potential” 22%; “Fairweather” 7% Source: UTI MF Research, Bloomberg
MILLTRUST INDIA FUND: INVESTMENT QUADRANTS
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• The Portfolio Construction process incorporates fundamental research and quantitativemulti-factor models to construct a portfolio of high conviction stocks
• The hedging overlay process is overseen by a five member Investment Committee. Otherinvestment professionals include a dedicated Portfolio Specialist and UTI’s in-houseEconomist who also contribute to the process
• All investment decisions must be formally approved and documented by the InvestmentCommittee
Key Metrics
Number of portfolio holdings 35 – 40
Market Cap Large, Mid and Small
Sector Constraints Not more than 25% in one sector
Market Cap of individual company Above US$ 100 million
Maximum Cash Allowed Up to 20%
Index Futures Short Up to 15%
MILLTRUST INDIA FUND: PORTFOLIO CONSTRUCTION
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Risk Management Committee – UTI IS
Shobha MenonHead of Legal &
Compliance
Praveen JagwaniCEO
Krishna Gukhool Head of Operations
Monitor investment guidelines
• -Position Limits
• -Pre and post trade checks
Review the fund’s risk reports
Consistency Review
Compliance and Regulatory checks
Independent Statutory Auditor
MILLTRUST INDIA FUND: RISK MANAGEMENT
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APPENDIX
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STRUCTURED AS A
UCITS IV MANAGED
ACCOUNT ON
MILLTRUST’S DUBLIN-
DOMICILED PLATFORM
REGULATED BY
THE CENTRAL
BANK OF IRELAND
PRIME BROKER & TRADING CTPY
LEGAL COUNSEL
CUSTODIANState Street Bank
AUDITORKPMG
ADMINISTRATORState Street Bank
INVESTORS
PB Agreement, ISDA
Admin Agreement
Custody Agreement
Audit Agreement
Appointment Letter
SubscriptionAgreement
OfferingMemorandum
Investment Mgmt Agreement
Platform InfrastructureAgreement INFRAHEDGE
INVESTMENT MANAGER (UCITS)
BOARD
EMMA* PLC (UCITS)
SUB-FUND
*Emerging Markets Managed Accounts PLC
MILLTRUST INDIA FUND: LEGAL STRUCTURE
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PLATFORM PROVIDER, CUSTODIAN & ADMINISTRATOR
• Daily Independent Monitoring and Oversightof Risk Limits& Investment Guidelines
• World-class service providers ensuring thecustody, trading and pricing of assets.
BEST IN CLASS,
INDEPENDENT AND
CONFLICT-FREE
SERVICE PROVIDERS
WITH
IRREPROCHABLE
GOVERNANCE
STANDARDS
PLATFORM ADVISOR, PLATFORM PROMOTER (UCITS)
• Selection of Platform funds• Comprehensive and Periodic Due Diligence of
Underlying Managers• Oversight & Monitoring of Investments, Operations
and Risk Management of each sub-fund• Monthly Compliance Review and Reporting• Quarterly Compliance (Board) Reporting• Central Bank of Ireland Reporting• Reacting to and implementing changes
in UCITS/QIAIF and other regulatory requirements
LEGAL ADVISORS
AUDITOR
SPONSORINGBROKER
MANAGED ACCOUNTS PROVIDER
BROKERS/ PRIME BROKERS (Open Architecture)
COMPLIANCE PARTNERS
MILLTRUST INDIA FUND: PLATFORM & SERVICE PROVIDERS
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Investors benefit from the state-of-the-art and interactive web portal and, in some cases, a mobile app* which include anadvanced set of portfolio monitoring and risk analytics tools which are updated on a DAILY BASIS.
INVESTOR WEB PORTAL IOS/ANDROID MOBILE AND TABLET APP*
*IOS/Android mobile and tablet app available under certain conditions to be discussed with Infrahedge
MILLTRUST INDIA FUND: INVESTOR TOOLS
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INVESTMENT TERMS Class A Class B Class C (being considered)
Subscriptions: Weekly Weekly Weekly
Min Subscription Amount: USD 1,000,000 USD 100,000 USD 20,000,000
Redemptions: Weekly* Weekly* Weekly*
Redemption Notice: 2 Business Days 2 Business Days 2 Business Days
Lockups: No No No
Penalty: No No No
Management Fee: 1.30% 1.80% 1.30%
Performance Fee: 15% over Hurdle Rate 15% over Hurdle Rate 15% over Hurdle Rate
Platform Fee: Nil Nil Nil
High Water Mark: Yes Yes Yes
Hurdle Rate: 3M LIBOR 3M LIBOR BSE 100 Index
Currencies: USD USD USD
STRUCTURE
Investment Manager: UTI International Singapore (Pte) Ltd.
Structure: UCITS Open-ended investment company
Fund Domicile: Dublin
Administrator: State Street Fund Services (Ireland) Limited
Custodian: State Street Custodial Services (Ireland) Limited
Auditors: KPMG
Legal: William Fry
Platform Infrastructure Provider: Infrahedge Limited
Promoter & Global Distributor: Milltrust International LLP
MILLTRUST INDIA FUND: TERMS
* Daily being discussed
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BIOGRAPHIES
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BIOGRAPHIES: UTI KEY INVESTMENT TEAM (1)
Mr. V. Srivatsa is the fund manager for the offshore funds in UTI AMC. He currently manages around USD 90 million of equity AUM of theoffshore funds – India Fund, IT Fund and Pharma fund. In total, he manages USD 600 million across mandates similar to the 1986 Fund.His offshore funds have been highly rated in Morningstar, the India fund is rated four star in Morningstar on an overall basis and is ratedfive star on a five year time frame. The pharma fund is rated five star on an overall basis amongst the g lobal healthcare funds. The ITfund is rated three star by Morningstar on an overall basis. He joined UTI in 2002 r ight from the campus and has worked in the securitiesresearch department of UTI for 3 years. He has handled sectors ranging from IT, Pharma, cement and Engineering. He was promoted asFund manager in Novem ber 2005 for the offshore funds in UTI. He has been managing the off shore funds since then. He is a charteredaccountant, cost accountant and has done his MBA from Indian Institute of Management, Indore.
Portfolio Manager - 1986 Fund, UTI AMC (Mumbai)Mr. V. Srivatsa
Head of Investments, UTI IS (Singapore)Mr. N. Murali, CFA
Mr. N. Murali is the Head – Investments at UTIIS. He manages the flagship diversified Asia-Pac ific ex-Japan balanced fund and takes thelead on all investment dec isions. Mr. Murali joined the firm in 2008 and was responsible for setting up the investment function for thefirm. Mr. Murali has over 15 years experience in the investment industry having covered various reg ional equity markets as well asalternative asset c lasses like real estate. Pr ior to joining UTIIS, he spent 5 years as the Portfolio Manager for two leading investmentmanagement companies in Singapore, NTUC Income Insurance and Mirae Asset, managing Asian emerg ing market equity funds. He has alsojointly-managed several Asia-Pac ific ex-Japan regional equity funds, a China-India consumer equity fund and a Singapore equity fund. Mr.Murali also had a stint as manager with Singapore’s first real estate investment trust, Capitamall Trust. He was primarily involved infinanc ial modeling and acquisit ion-related due diligence work for the fund during and after list ing. He also has sell-side equity analy stexposure having worked as an investment analy st with Keppel Securities for 2 years. Prior to joining the investment industry, he workedas a journalist with Bridge News and Financial Times Information for 3.5 years cover ing var ious Asian equity and energy markets. Mr.Murali graduated from the National University of S ingapore with a B.A. (Merit) major ing in Economics and Political Science and hascompleted the Chartered Financial Analysis (CFA) program
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BIOGRAPHIES: UTI KEY INVESTMENT TEAM (2)
Assistant Portfolio Manager, UTI IS (Singapore)Mr. Faizal AlawdeenMr. Alawdeen joined UTI Intl in September 2010 as a Research Analy st. He has a Masters of Science in Mathematic s (Research) and aBachelor of Science (Honors) in Applied Mathematic s from National University of Singapore. He has 8 years of industry experience andhas previously worked at Overseas Chinese Bank Corporation and The Royal Bank of Scotland plc. He is conversant in Mandarin, Malayand Tamil.
Mr. Viral Bhuta is a fixed income portfolio manager with the Investment Manager. He has an MBA (Finance) from Northeastern Universityand Bachelor of Engineering (Electr ic Engineering) degree f rom V.J.T.I. (University of Mumbai). His areas of expertise include developinginvestment strategies for investing in Indian corporate bonds and yield curve trading on US treasury futures. His prior experience alsoincludes designing IT systems for controlling complex depository operations (back-office, settlements and bookkeeping), handlingmillions of transactions daily. He has previously worked with Venus Capital Management’s independent advisory based in India andSingapore in various roles including Assistant Fund Manager since January 2007.
Portfolio Manager – Fixed Income, UTI IS (Singapore)Mr. Viral Bhuta
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BIOGRAPHIES: UTI INVESTMENT COMMITTEE & COMPLIANCE
Mr. Jagwani is a banking professional w ith an over 20-year track record in the financ ial services industry. He has been with UTIInternational (Singapore) in his current role since 2009. Hav ing worked in many geographies and multi-cultural environments he displaysa good balance between results and people orientation. He started his career with ANZ Grindlays Bank in India and worked later inAustralia and Bahrain across Credit, Consumer Finance, Systems & Private Bank ing. He later joined Standard Chartered Bank and builtthe Wealth Management and Investment Advisory business in the Middle East. He was appointed the C hief Investment Officer for MiddleEast & South Asia and was responsible for Product, Research, Certification and Compliance. He then joined Merrill Lynch and workedwith them in London and Dubai in their Hedge Fund & Private Equity A dvisory business. Mr. Jagwani holds a graduate degree in ComputerScience (B.Sc.) and a Masters degree in Operations Research (M.Sc) from Delhi University. He also has a Masters of BusinessAdministration from XLRI Jamshedpur and has completed Chartered Financial Analysis (CFA) program from CFA institute USA.
CEO – UTI ISMr. Praveen Jagwani
Mr. Khandelwal is a commerce graduate (B.COM), LLB (A) and has done his Masters in Business Administration (MBA) from SymbiosisInstitute of Business Management, Pune in 2004. Mr. Khandelwal has 10 years experience in the investment management industry. Priorto joining UTI International (Singapore), he was work ing with UTI AMC in India. He worked in the areas of Institutional Sales,Distribution, Retail Sales & Marketing and PMS (Portfolio Management services). He was regularly interacting with the intermediaries,service providers and also responsible for advising high net worth clients on their mutual fund investments. Mr. Khandelwal is presentlyworking as Senior Vice President, Product Control w ith UTI International (Singapore). His job responsibilities consist of fund structuringand product development for UTI International Business; apart from that he is also responsible for supervising of dealing and fundoperations functions at UTI Singapore
Senior Vice President, Product Control, UTI IS
Ms. Menon has more than 16 years of experience in the Banking and Finance Industry. She has been with the Manager since July 2008.She has previously worked with Sumitomo Mitsui Banking Corporation, Singapore, AVP Compliance (Dy. Compliance Officer) and ICICIBank, Singapore as the Compliance Manager. She holds a law degree (L.L.B) and a Bachelors degree in Commerce. She is also aChartered Accountant.
Head of Legal and Compliance, UTI IS Ms. Shobha Menon*
Mr. Manish Khandelwal
Note: Ms. Shobha Menon is the head of Legal and Compliance (UTI IS), which is not included in the UTI Investment Committee.
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Simon Hopkins – Chief Executive Officer, has been a senior figure in the international investmentmanagement industry for more than two decades. He was an early advocate of hedge fund investing forinstitutional investors, and has been a prolific capital raiser for single manager funds, funds of funds andlisted closed-end funds. Mr. Hopkins has a strong record fighting for the rights of shareholders throughouthis professional career, where he has been an outspoken critic of egregious practices in assetmanagement and an ardent champion of investors’ interests. He was an early advocate and exponent ofmanaged account investing.
After pursuing a successful investment banking career spanning more than a decade at S.G. Warburg,UBS, HSBC James Capel and Nomura where he participated in numerous Emerging Markets transactions,in 1996 Mr. Hopkins created one of the industry’s first dedicated research and investment consultingbusinesses, Global Fund Analysis, to provide truly objective analysis for investors. At its peak GFA hadover 27,000 registered users around the globe. Concurrently, Mr. Hopkins played a pioneering role inseeding many of the incipient European hedge funds through the Fortune Group, an award-winningalternatives investment banking and advisory business, which he also created in 1996, and which mergedwith Global Fund Analysis in 2000. Fortune Group went on to become one of the UK’s pre-eminent hedgefund advisory firms with clients in 24 countries and a focus on pension funds, charities and endowments,as well as a number of the world’s leading families. The firm was successfully sold to UK-listed, financialservices group, Close Brothers Group PLC, in 2006, culminating in its full integration in January 2010.
Mr. Hopkins is a regular commentator on fund industry topics in the financial media and has addressednumerous conferences, the OECD and the London School of Economics on hedge fund investing. He wasprofiled in a significant interview with FTfm in December 2008. He graduated with honours from theUniversity of Bristol's Faculty of Law in 1986 and speaks fluent French. He now resides with his family inSingapore.
MILLTRUST BIOGRAPHIES: SIMON HOPKINS
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Eric Anderson, an economics major from the University of California, Berkeley, brings nearly 15 years ofinternational investment industry experience in the United States, Europe, and Asia. He is responsiblefor running Milltrust’s Investment Solutions and award-winning Multi-Manager Managed Accountsbusiness. He has spent nearly a decade focused exclusively on the Emerging Markets, where he hasextensive experience setting strategic fund allocations for institutional investors, researching localinvestment managers, providing investment research and full due diligence capabilities and structuringand seeding a number of fund strategies in these regions.
MILLTRUST BIOGRAPHIES:ALEXANDER KALIS & ERIC ANDERSON
Alexander Kalis, Managing Partner & Investment Director, is jointly responsible for Milltrust’s InvestmentSolutions and Multi-Manager Managed Accounts business and leads manager selection, due diligence andmanager monitoring for the Group, as well as managing the business generally. He has over 14 years’experience working at top-tier asset management firms including LCF Edmond de Rothschild and BancoSantander where he managed some of the largest Emerging Markets multi-manager funds in the industryacross all asset classes. He has an award-winning portfolio management track record and has an extensivenetwork of relationships and coverage of the Emerging Markets fund universe. He holds a Master's degree(Cum Laude) in Economics and Management from the UniversitéCatholiquede Louvain in Belgium.
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Mark Ebert, is the Chairman of Milltrust International Group, a global investment organisation focusedexclusively on providing investment management expertise on traditional and alternative investments in theEmerging Markets. Mr Ebert plays an active role overseeing the firm’s private placements business, which isfocussed on the agricultural sector and he serves on the advisory boards of a number of agriculturalinvestment companies. Mr. Ebert is a senior figure in the investment world with over 32 years of experience inmanaging investment banking, equity brokerage, private equity and asset management businesses.
He qualified as a Certified Public Accountant at Price Waterhouse, joined Citicorp Scrimgeour-Vickers inLondon responsible for trans-Atlantic M & A, and moved to UBS where he became Head of Mergers &Acquisitions. He then became co-head of Panmure Gordon, a UK institutional broker, and helped found theprivate equity business there, now Lyceum Capital. He was recruited by Lombard Odier & Cie. to head up itsinvestment banking activities, which included its private equity funds business, now Akina Partners, where heserved on the funds’ boards for 7 years. Mr Ebert co-founded Quadrum Partners in Zurich, focussed onadvising investment managers, and then became Chairman of the Fortune Group in London, which providedadvice on hedge fund strategies. Fortune was sold to Close Asset Management in the UK, and 2 years later heleft to join his former Fortune colleagues as Chairmanof Milltrust.
Mr. Ebert is a Certified Public Accountant, has UK/Swiss nationality, and resides with his family inSwitzerland.
MILLTRUST BIOGRAPHIES: MARK EBERT & GARY THORNTON
Gary Thornton FCA, Head of Finance and Operations, is an experienced finance professional with over twodecades of professional experience. Gary has worked with Simon Hopkins for many years, first as auditor ofFortune Group whilst at HW Fisher in London, then as finance director at Fortune, and more recently as headof finance and operations within the institutional team at Close Asset Management, a subsidiary of the UK-listed financial services group to whom Fortune was successfully sold in 2006. Gary's experience extends tofund structuring and compliance and corporate governance. He has been instrumental in the launch ofnumerous funds including managed accounts.
Gary qualified as a chartered accountant with Moore Stephens, an international firm of accountants, in 1993.He graduated from Trinity Hall, Cambridge with a degree in Modern Languages (French and German) andHistory of Art.
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MILLTRUST BIOGRAPHIES: ANAIS DE BRETIZEL & WERNER SCHUENEMANN
Anaïs de Bretizel, Managing Director, started her career in 1985 at BFCE (Natixis) then at Lehman Brothersin London as an interest rate and foreign exchange trader. She became head of Fixed Income Sales at JamesCapel (HSBC group), Nomura Securities, BNP and then Head of Credit and Structured Credit Sales at DresdnerKleinwort Wasserstein in Paris. In 2003, she joined Greenwich Associates, a strategic consultant firm based inStamford (CT, USA). She was in charge of client relationship management with investment banks, assetmanagement companies and large corporations based in France. Anaïs has developed an important portfolioof french and european institutional clients and has an extensive in-depth knowledge of foreign exchange,interest rate and credit markets.She holds a Masters degree in Foreign Service from Georgetown University,Washington D.C., USA.
Werner Schuenemann, Managing Director – Switzerland, is responsible for European marketing and businessdevelopment based in Switzerland. Most recently Werner developed a hedge fund portal and managedaccounts platform for emerging hedge fund managers at Sofos Asset Management. Previously Wernermanaged the business development at Galtere Ltd, a New York/Switzerland based hedge fund focusing on thecommodity/macro and real assets private equity space. There he was responsible for marketing and investorsrelations across a wide spectrum of investors ranging from pension plans to sovereign wealth funds to familyoffices. He also handled press interviews, conference panel and TV appearances. Prior to Galtere Ltd Wernerwas with Swiss Alpha GmbH a systematic trading fund where he was for the early stage growth of the firm,creating awareness and launching the UCITs Investment Fund. Prior to Swiss Alpha GmbH, Werner was theGlobal Head of Sales and Business Development at Pamplona Capital Management based in Zug and London.Pamplona Capital was a diversified firm with a number of verticals ranging from private equity, to singlemanager funds to fund of hedge funds. There he was responsible for setting up the Zug, Switzerland officealong with expanding the marketing reach of the firm. He also oversaw the negotiations of various structuredproducts. Prior to Pamplona Werner worked briefly as a consultant for Absolute Capital Management, andTitanium Capital LLC. Prior to his foray into hedge funds Werner worked at JP Morgan/Chase- Flemings asDeputy Head of Sales, Emerging Market Equities, Morgan Stanley & Co. Intl, Vice President of equity sales innon-Japan Asia, UBS, Director of Japanese Equities, Robert Fleming Ltd, equity sales and Yamaichi FlemingLtd, equity sales. Werner holds a Bachelor of Arts in Finance (Bankkaufmann) and has successfully completedthe Bank of America training program.
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