Cambridge Place
Cambridge Place Investment Management
The following piece on Cambridge Place Investment Management is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.Resource #1: Cambridge Place Investment Management LLP ("Cambridge Place") is a specialist global institutional investment manager, with its principal offices in London and Boston, approximately 70 staff and $5.8 billion in gross assets under management as at 31 October 2008. Cambridge Place specialises in asset-backed debt and related instruments, including private investments and real estate. source
Resource #2: (10.7.08) Cambridge Place Investment Management has recruited Stephen White as chief investment officer for Europe from Morgan Stanley, where he was a managing director in the securitised products group.
White, who joined Morgan Stanley's London office in 1996, was responsible for the distribution and syndication of all asset-backed and mortgage-backed securities across Europe. He was recently also appointed co-head of mortgage origination and execution, working with Europe's largest and most frequent issuers.
Previously he was a senior portfolio manager for Neuberger Berman between 1993 and 1996. From 1985 to 1993, White was a portfolio manager at the Pilgrim mutual fund group, where he managed more than USD1bn in US mortgage-backed securities.
Cambridge Place says White's experience on the buy-side and sell-side both in the US and across Europe will be invaluable as the organisation develops products such as the closed-ended five-year Talisman/CPIM European Property Debt Opportunity Fund. source
Resource #3: Caliber Global Investment Ltd., a $908 million fund invested in subprime mortgage debt, will close as losses widen on defaulted U.S. home loans.
The London-listed fund, managed by Cambridge Place Investment Management LLP, will sell its assets and shut within a year, Caliber said in a statement today.
Caliber is the second U.K. fund this week to report fallout from rising defaults by American homeowners, following a $91 million annual loss for Queen's Walk Investment Ltd., run by Cheyne Capital Management (UK) LLP in London. Carlyle Group, the Washington-based buyout fund, cut the size of its initial public offering for a fund that invests in bonds backed by mortgages by 25 percent to $300 million today.
``The losses are going to be phenomenal'' for funds worldwide holding subprime debt, said Peter Schiff, president of securities brokerage Euro Pacific Capital in Darien, Connecticut. ``My guestimate in the subprime world is that the majority of loans are going to go into default. Not just 5 or 10 percent, but the majority.'' source
Resource #4: (10.16.08) Cambridge Place Investment Management LLP, the hedge-fund manager that lost its European investment chief last week, is restricting withdrawals and reducing fees after subprime-related declines, a person with knowledge of the matter said.
The London-based firm is limiting redemptions from its flagship SCF 1000 Fund, which is down 16 percent this year, and the SCF 500 Fund, said the person, who declined to be identified because the information is private. Cambridge Place also plans to limit withdrawals from the SCF 1500 Fund, the person said.
The firm, which oversaw $9.6 billion at the end of August, follows more than a dozen fund companies including Wharton Asset Management in stemming redemptions after rising defaults on U.S. subprime mortgages triggered the biggest shakeout in the global credit markets since Russia's debt crisis in 1998. In exchange for extending the redemption periods, Cambridge Place will lower its management fees, the person said.
``If there is an external perception of a problem that causes redemptions, the manager has to act to protect the interests of all investors,'' said John Godden, head of London- based IGS Group, which invests in hedge funds. ``No one wants to do this unless there is a good reason.'' source
Resource #5: (1.2.07) Chennai-based Shriram City Union, the financial services arm of the Shriram Group has received private equity funding of Rs. 192 crores from Merrill Lynch, ChrysCapital and Cambridge Place Investment Management. The investors have picked up a 30% stake in the company by way of buying 40 lakh shares each at a price of Rs 160 a share.
The Shriram City’s equity capital base would increase to Rs. 43 crores from Rs. 27.1 crores, and promoters’ holding would come down to 54% from 73.37%. Spark Capital facilitated the deal.
Shriram City reported a net profit of Rs. 22.34 crores in the half year ended 30 September 2006 on a total income of Rs. 143.75 crores against PAT of Rs. 14.81 crores on income Rs. 94.03 crores during the same period last year. On BSE, it closed at Rs. 160.05 a share down 0.22% from the previous close of Rs. 160.40 a share. source
Resource #6: (6.28.07) Caliber Global Investment on Thursday said it planned to return all of its capital to investors over the next twelve months, becoming the latest victim of the credit market turmoil.
The listed vehicle of Cambridge Place, which invested in US sub-prime mortgages and other asset-backed secutities, recently announced that it had suffered an $8.8m loss resulting from subprime woes.
The group said in a statement to the market that the decision followed a broad-ranging review of all aspects of Caliber's strategy and operations initiated last month. source
Resource #7: (10.15.07) Cambridge Place Investment Management has become the latest hedge fund to limit investor withdrawals and cut fees after the $9bn London and Boston-based structured credit specialist saw returns crumble.
CPIM, co-founded by finance entrepreneur Martin Finegold, best known as the founder of UK subprime lender Kensington Group, persuaded investors in two of its funds to vote to block withdrawals until next summer to give it time to turn them round. Another of its five funds will hold a vote on blocking withdrawals later this month.
Extended lock-ups are becoming increasingly common among hedge funds hit by the credit squeeze, many of which would be forced into a firesale of assets if they allowed withdrawals. source
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