FrontPoint Partners | Gil Caffray | Hedge Fund Notes

FrontPoint Partners

FrontPoint Partners | Hedge Fund Notes

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FrontPoint Partners LLC is a privately owned hedge fund sponsor. The firm also provides investment advisory services to its clients. It primarily provides its services to pooled investment vehicles. The firm also caters to charitable organizations. It manages hedge funds for its clients. The firm invests in the public equity and fixed income markets across the globe. It employs many hedging strategies including an absolute returns investment strategy, a multi-strategy, a quantitative equity arbitrage strategy, a distressed security strategy, a global fixed income relative value strategy, a convertible arbitrage strategy, a long/short equity strategy, a market neutral strategy, a global emerging markets strategy, and a quantitative macro strategy. The firm employs a combination of a fundamental analysis with a bottom-up stock picking approach to make its investments. It operates as a subsidiary of Morgan Stanley Investment Management Inc. FrontPoint Partners was founded in November 2000 and is based in Greenwich, Connecticut with additional offices in New York, New York and London, United Kingdom.

wo Greenwich Plaza
4th Floor
Greenwich, CT 06830-7153
United States

According to documents obtained by Opalesque, the FrontPoint global emerging markets strategy, managed by Adam Weiner, is designed to take advantage of changing macroeconomic, credit and equity views in global emerging markets countries through all phases of global growth and liquidity cycles. Within a strong risk-management framework, Adam and his experienced investment team combine macro views on global, country and local conditions and trends with fundamental, bottom-up analysis to arrive at the optimal asset or product type, whether in local currency, interest rates, debt, equity or frontier investments.

Adam Weiner, who recently joined FrontPoint in August 2007, was previously the senior portfolio manager for emerging markets at Oppenheimer Funds, where he developed the Emerging Markets Local Currency strategy portfolio and managed the Oppenheimer-Baring Emerging Markets Debt Fund. Adam has over 15 years of experience in emerging markets investments, and has held numerous roles including portfolio manager, proprietary trader, economist and strategist. source

Purchase of Premier Multi-Strategy Hedge Fund Firm Adds Significant Scale, Investment Capabilities and Management Talent
Deal is Latest Step in Morgan Stanley's Long-Term Strategy of Growing Alternative Investment Business

NEW YORK -- Morgan Stanley (NYSE: MS) announced today
that its Investment Management division (MSIM) has reached a definitive agreement to acquire FrontPoint Partners, a leading provider of absolute return investment strategies. FrontPoint has approximately $5.5 billion in assets under management as of October 1, 2006, with 11 experienced teams pursuing 21 different investment strategies. The transaction is subject to certain consents and regulatory approvals and is expected to close in December 2006. source

FrontPoint Partners is launching a Greater China long/short hedge fund at the beginning of June, the Hong Kong-based hedge fund has Credit Suisse and Goldman Sachs as the fund’s prime brokers. The fund administrator is Citco, lawyers are Davis Polk and the auditor is Ernst and Young.

FrontPoint Partners was launched in autumn 2000, and currently has more than $1 billion in assets under management. The founders are Gil Caffray, former head trader at hedge fund Tiger Management; Philip Duff, formerly chief operating officer at Tiger and a chief financial officer at Morgan Stanley; and Paul Ghaffari, former portfolio manager at Soros Fund Management.
The hedge fund has a maximum gross exposure of 150% and target volatility will be in the mid teens. Target returns will be 25% net per annum. It will start operations with assets under management of $50-70 million and aims to build to $300 million after 12 months. The company hopes to be 50-60% net invested on day one. source

Greenwich-based FrontPoint Partners LLC has added a credit relative value team led by Robert Wenzel and Robert Smalley and based out of New York.
The team, previously at Clinton Group, represents the tenth strategy for FrontPoint and further broadens the number of specialized strategies that the firm offers investors.

Robert Wenzel said: "Joining FrontPoint provides our team with world-class risk management, trading and operational infrastructure. FrontPoint also enables us to invest with the knowledge of having a high quality investor base who understands our approach to relative value credit investing," Robert Wenzel stated. source

A convertible arbitrage fund run by Greenwich, Conn.-based FrontPoint Partners has lost more than 18% in the first five months of 2005.
The FrontPoint Convertible Arbitrage Fund has seen its assets wane from more than $100 million in 2004 to less than $85 million at the end of May.
A FrontPoint spokesman declined to comment.

Marin, founded in 1999 by John Hull and J.T. Hansen, said it was proud of its record, citing the performance of its flagship Tiburon Fund which had returned more than 98% with relatively low volatility since inception, according to the firm's letter.

While some hedge-fund industry observers have been predicting a recovery by convertible arbitrage managers, Marin's decision suggests any rebound may take longer to emerge. source

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