Alternative Assets Under Advisory (AuA) Total US$ 46 Billion Across Hedge Funds And Private Assets13/12/2016
As per 13th December 2016, Stone Mountain Capital has total alternative Assets under Advisory (AuA) of US$ 46 billion in hedge funds and private assets. We are mandated on assets of US$ 43.4 billion for capital introduction into leading hedge fund and fund of fund managers with long standing, solid performance track records, liquidity provision, standardized fund and managed account structures and established AuM across the strategies: equity, credit / fixed income, tactical trading and fund of hedge funds (FoF). Our current focus is on the strategies: direct lending, CLO, global macro, CTA, volatility and the cryptocurrency bitcoin. We are mandated on US$ 2.6 billion of private assets (private equity and private debt) and corporate finance. We focus on the sectors real estate, infrastructure / real assets, and capital relief trades (CRT) for insurers and banks and provide financial structuring, rating advisory and private placements.
Ranger Capital’s Direct Lending Fund has announced a proposed issue of C shares by way of an open offer and initial placing to raise up to £40m. It will also initiate a placing programme of ordinary shares and/or C shares to raise up to £200m. Liberum and Fidante Partners Europe have been appointed as joint bookrunners in connection with the issue. Stone Mountain Capital has been appointed as placing agent. Stone Mountain Capital LTD was covered on 28th November 2016 in Structured Credit Investor (SCI) under 'Fund to issue C shares' (website requires registration).
'The Neuropsychological Component Of Oil' Article of Dr. Joaquin Abos, Senior Advisor Spain, Portugal and Emerging Markets in Stone Mountain Capital LTD was covered on 22nd November 2016 in Cinco Dias in Spanish under 'Petróleo: su componente neuropsicológico'.
Recent speculation that Deutsche Bank could be selling its Polish unit has highlighted the FX issues associated with shedding non-core mortgage assets in the country. Roughly a third of Deutsche Bank Polska's assets are said to be euro- and Swiss franc-denominated mortgages, the sale of which is likely to be challenged by the Polish regulator in an effort to maintain financial sector stability. Poland has been grappling with Swiss franc- and euro-denominated mortgage loans since the financial crisis. More than half a million Poles took out Swiss franc mortgages before the crisis to benefit from lower Swiss interest rates. Stone Mountain Capital ceo Oliver Fochler notes that while the books are "highly distressed", based on the appreciation of the Swiss franc, the underlying credit quality "might be good". Interview with Oliver Fochler was covered on 21st November 2016 in Structured Credit Investor (SCI) under 'Currency Risk Hindering Polish Mortgage Portfolio Sales' (website requires registration).
Underperforming loans in the shipping sector have skyrocketed since 2008, as shipping operators have been challenged by overcapacity and untimely investments in bigger container vessels in the wake of the financial crisis. This has left banks in the US$400bn market with the challenge of offloading a string of non-performing loans. Pillarstone's business model regarding non-performing loans entails taking control of troubled firms and turning them around with new capital from KKR. The novelty is in the management of the bank loans, with the goal of attaining repayment and giving banks part of any extra profits. The firm's business model involves, as one Pillarstone representative tells SCI, "governance and management of the loans, without taking them off the banks' books". Oliver Fochler, managing partner and ceo of Stone Mountain Capital, echoes a similar view when he states that private equity firms are "managing and restructuring" such capital-intensive assets. He adds that there is nothing surprising here, given the "tendency of private equity firms - within their newly founded debt units - to move towards high-yielding NPLs and private debt, due to yield compression." Interview with Oliver Fochler was covered on 10th November 2016 in Structured Credit Investor (SCI) under 'KKR targets shipping loans' (website requires registration).
Stone Mountain Capital Shortlisted For Alt Credit Intelligence European Service Awards 201618/10/2016
Stone Mountain Capital was shortlisted for the Alt Credit Intelligence European Service Awards 2016 in the category 'Best Distribution Platform' and 'Best Independent Platform'.
Acquisition International Announce the Winners of the 2016 International Finance Awards Stone Mountain Capital is the winner of 'Best Independent Alternative Investment Boutique - UK' in Acquisition International's 2016 International Finance Awards.
Stone Mountain Capital was shortlisted for the Incisivemedia Investment Research Awards 2016 in the categories 'Best Investment Research Site' and 'Best Investment Research Blog'.
Side pockets are a portfolio management tool that can benefit both investors and managers alike. But having fallen from grace in the wake of the financial crisis, it is debatable whether they can regain their reputation as a viable liquidity management resource. A number of high-profile UK CRE funds were revalued and suspended trading last week as a result of the UK’s vote to leave the EU. Should the current market unease persist in the UK, it is likely that more funds – particularly open-ended funds with illiquid investments – will bring liquidity management measures into play. The use of side pockets is one such measure that has been touted as a potential – albeit extreme - option for managers. Interview with Oliver Fochler was covered on 12th July 2016 in PriceABS Insights, Structured Credit Investor (SCI) under 'Side Pockets Pros And Cons Debated - Reputation Management' (website requires registration).
It is almost two years since the transitional period for AIFMD expired in Europe and the majority of AIF managers now consider themselves to have addressed the Directive’s requirements. However, as evidenced by regulator-imposed penalties in France, a number of managers have failed to implement adequate valuation controls. Over the past 24 months the French regulator, the AMF, has sanctioned a number of investment managers for significant failings in valuation practices. Penalties were particularly severe for those firms whose failings led to subscriptions in redemptions on false NAVs, and ensuing financial losses for investors. Interview with Oliver Fochler was covered on 3rd May 2016 in PriceABS Insights, Structured Credit Investor (SCI) under 'Compromised Compliance - Buyside Valuation Controls Scrutinised' (website requires registration).
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