Boussard & Gavaudan | Emmanuel Boussard | Hedge Fund Notes

Boussard & Gavaudan Holding Ltd.

Boussard & Gavaudan Holding | Hedge Fund Notes



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Resource #1: Boussard & Gavaudan Holding Limited (“BGHL”) is a closed-ended investment company registered and incorporated in Guernsey on 3 October 2006. It is listed and traded on the Eurolist Market operated by Euronext Amsterdam. The Company’s investment objective is to seek to produce long-term appreciation of its assets through multiple alternative investment strategies managed by Boussard & Gavaudan Asset Management, LP (“BGAM”).

BGHL will seek to achieve this by initially investing in the Sark Fund. The Sark Fund is the feeder fund of the Sark Master Fund, an opportunistic Europe-focused multi-strategy fund which aims primarily at arbitraging instruments with non-linear pay-offs in special situations. Over time, BGHL may undertake direct investments other than the Sark Fund that are identified by the Investment Manager.

Emmanuel Boussard is a French national and resident. He was born in 1970.
He is a founding partner of the Investment Manager having been with Goldman Sachs International from August 1996 until July 2002. Most recently he was an executive director of Goldman Sachs International based in Paris, where he was responsible for European equity derivatives proprietary trading. From January 1998 until June 2001, he was in charge of the French stock options book. Between August 1996 and June 1998, he held responsibility for the Goldman Sachs ‘‘World Book’’ which contained options involving correlation on equity indices around the world.

Prior to that, Emmanuel Boussard was at Bankers Trust International where from March 1996 to July 1996 he was a derivatives trader on the path dependent options book. From August 1994 to February 1996, he was at Bankers Trust Company where he traded swaps, futures and currencies in South East Asian, South American and European markets and completed the Associate MBA training programme.

Between August 1990 and August 1994 he completed the doctoral programme in mathematics at the ´Ecole Normale Superieure’ in Paris.source

Resource #2: (7.7.07) Boussard & Gavaudan Holding, the hedge fund listed on Euronext eight months ago by Emmanuel Boussard and Emmanuel Gavaudan, former Goldman Sachs bankers, has doubled in size by raising another €530m in new C shares at €10 each.

The company, which originally hoped to raise no more than €300m, shrugged off fears that investors might be turning negative on initial public offers and becoming more wary of funds investing in esoteric and alternative areas of financial markets.

Last month Carlyle Group, the US private equity company, delayed the flotation in Amsterdam of an investment fund dealing in residential mortgage-backed securities at the last minute. It also cut the offer price because of fears about US subprime mortgages and market volatility. source

Resource #3: (4.2.07) Countrywide announced the agreed deal in spite of comments by Rightmove on Friday that a deal for Countrywide was more than two weeks away.

It is understood that the decision by Artisan, the US investor that held the largest stake in Countrywide, to accept the offer ultimately made the deal possible.
Artisan, along with others including Boussard & Gavaudan, a French hedge fund, and Seneca, another hedge fund, had blocked a previous management buy-out backed by 3i, the private equity firm, saying it undervalued the company. The 3i offer valued Countrywide at about 573p a share, with 490p in cash.

Countrywide said last night that it had received letters of intent from shareholders – including B&G and Jana, the US hedge fund that built a large stake only after the 3i bid failed in January – owning 23.8 per cent of the company. source

Resource #4: (7.5.07) The market will apply only the minimum standards imposed by European directives, meaning funds listed on it have a low disclosure burden, do not need independent boards and can sell non-voting shares.

Andrew Wallace, senior manager of the new market, said there were "tens of billions of pounds of value looking for a potential market" and there had already been significant interest from the US.

Hedge fund, private equity and property managers have been rushing to take advantage of booming investor demand to float closed-end funds to provide them with locked-up capital.

Euronext Amsterdam won an early lead last year, hosting big fund launches from buy-out groups Kohlberg Kravis Roberts and Apollo Management, as well as the first two main-list hedge fund floats by Boussard & Gavaudan and Marshall Wace. source

Resource #5: (8.25.06) Boussard & Gavaudan Asset Management, the hedge fund group founded by Emmanuel Boussard and Emmanuel Gavaudan, former bankers at Goldman Sachs (NYSE:GS) , is planning to list a multi-strategy fund company on Euronext.

B&G will use the money raised in the initial public offering to invest in its already established multi-strategy Sark Fund. It is understood the offering will aim to raise at least €100m ($128m). B&G's plan to list Sark comes after CM Advisors, Dexion Absolute, and Goldman Sachs Asset Management this year raised money for hedge funds though IPOs in London, and it is the first such listing on Euronext. Sark was launched in 2003 and since then has returned between 7.75 per cent and 7.89 per cent annually, after all fees. source

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