North Sound Capital

North Sound Capital | Hedge Fund Notes

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Resource #1: North Sound Capital LLC is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity markets of the United States. The firm was formerly known as DMG Advisors, LLC. North Sound Capital is based in Greenwich, Connecticut with an additional office in Denver, Colorado. source

Resource #2: Investment firm Duff Capital Advisors said on Tuesday it acquired hedge fund group North Sound Capital.

The two firms, both located in Greenwich, Connecticut, did not disclose terms of the deal.

For Duff Capital, which launched in March with the goal of raising between $1 billion and $1.5 billion to seed investment strategies, this marks its second hedge fund investment.

For North Sound Capital, whose assets have shrunk from $2.9 billion in 2006 to $1 billion now, the deal is a chance to join forces with Philip Duff, a Wall Street veteran with a track record of growing investment firms. source

Resource #3: 'John brings a wealth of knowledge and experience in the risk management area to our firm,' says James Torrey, chairman of the eponymous firm. 'Risk management is a vitally important part of our firm's investment process. John's outstanding background and depth of knowledge make him exceptionally well-qualified to lead this effort.'

Before joining North Sound, McClenahan was vice-president for risk management at Andor Capital Management, also a global long/short equity manager. At both firms he designed, implemented and maintained risk management processes, analytics, and frameworks.

He was previously director of product management at InvestorForce, an online consulting firm, and was active in the manager research and analysis area. Earlier, he was director of manager research for institutional investment consulting firm Ennis Knupp & Associates, where he developed a dedicated manager research capability formalising the research process and evaluation criteria. source

Resource #5: North Sound Capital, run by Tiger Management alumnus Thomas McAuley, is seeing assets fall and plans strategic and operational changes to improve returns after a period of underperformance, according to a letter the equity hedge fund firm sent to investors on Tuesday.

North Sound's total assets will likely fall to $1.4 billion in January, McAuley estimated in the letter. He didn't say what North Sound's assets were previously, but Institutional Investor reported in 2005 that the Greenwich, Conn.-based firm's assets stood at roughly $3 billion.

"We have taken steps to ensure that the reduction in our capital is as smooth a transition as possible for all investors, and we believe we have been successful," McAuley wrote in the letter, a copy of which was obtained by MarketWatch.

North Sound's Legacy funds have underperformed recently because they didn't invest enough money in their best ideas, McAuley added. The firm will focus its research on fewer sectors next year and try to generate fewer, but stronger investment ideas, he explained. source

Resource #7: At an extraordinary general meeting called by hedge fund manager North Sound Capital yesterday, African Platinum (Afplats) [AIM:APP] non-executive chairman Charles Hansard was ousted despite a unanimous recommendation by the board to the contrary. Director Mark Bristow, CEO of Randgold Resources [Nasdaq:GOLD; LSE:RRS] resigned “on principle” shortly thereafter.
Out of 257 million votes tendered, 53% voted in favour of Hansard’s resignation. The total number of votes exercised represented only 57.54% of the total share base, and thus only 30% of all shares carried the resolution. source

Resource #8: Duff Capital Advisors, an institutional investment management firm set up by FrontPoint Partners founder Phil Duff, said yesterday that it is partnering up with North Sound Capital, a billion dollar global long/short equity shop.
DCA will direct a significant, long-term investment to the North Sound strategy. Terms of the agreement were not disclosed.

North Sound founder Tom McAuley will serve as the portfolio manager of DCA-North Sound and will serve on the Duff Capital Advisors Investment Committee. The entire 38-person staff of North Sound will be offered the opportunity to join DCA, including its 13- person investment team. source

Resource #9: North Sound Capital will merge with DCA in July according to Duff Capital Advisors (DCA). DCA said it will direct significant long-term investment to the North Sound strategy, a global long/short equity that has approximately $1 billion under management. Terms of the agreement were not disclosed.
North Sound was founded by Tom McAuley in 2001. He will continue to be the portfolio manager of DCA-North Sound and will serve on the Dace investment committee. He will also assist in the development of new investment talent within DCA. source

Resource #10: North Sound Capital, run by Tiger Management alumnus Thomas McAuley, is seeing assets fall and plans strategic and operational changes to improve returns after a period of underperformance, according to a letter the equity hedge fund firm sent to investors on Tuesday. North Sound’s total assets will likely fall to $1.4 billion in January, Mr. McAuley estimated in the letter. He didn’t say what North Sound’s assets were previously, but Institutional Investor reported in 2005 that the Greenwich, Conn.-based firm’s assets stood at roughly $3 billion. source

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