Somerset Capital Appointed Portfolio Advisor
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Omega Advisors U.S. Capital Appreciation Fund (TSX: OUS.UN) (the "Fund"), today announced its intention to change its name to Artemis U.S. Capital Appreciation Fund and to appoint Somerset Capital Advisers, LLC ("Somerset") as investment advisor to the Fund and a special redemption.
In connection with the Fund's annual redemption privilege, 2,755,185 Units of the Fund will be redeemed. As a result of the reduced portfolio size, the Fund no longer meets the minimum requirements for accounts established by Omega Advisors, Inc. ("Omega") and Omega has resigned as investment advisor to the Fund, effective December 1, 2012. Conor Bill, the President of Artemis Investment Management Limited ("Artemis"), the Manager of the Fund, said "We wish to thank Omega and its team, led by Lee Cooperman, for their management of the investment portfolio. Despite a difficult capital markets environment, they managed to deliver the kind of excellent results that we expected they would when we launched the Fund."
Somerset, an affiliate of Artemis, is a New York-based firm whose principals have extensive experience managing small, mid and large cap U.S.-focussed portfolios, both long / short and long only. Currently, Somerset is the manager of Somerset Capital Partners LP. Artemis will be taking all the steps required by the Fund's trust declaration and other relevant agreements in connection with Omega's resignation and the appointment of Somerset. Somerset does not anticipate initiating any changes to the Fund's investment objective or strategies.
Founded in 1999, Somerset's primary focus is on generating positive absolute returns through a long/short strategy, with a long bias, across all market capitalizations. Somerset utilizes a bottom-up value driven investment process with an emphasis on securities trading at a discount to intrinsic value. Somerset's investment strategy is congruent with the Fund's current investment strategy.
For further information please contact your financial advisor.
Contacts:
Artemis Investment Management
Investor relations
(647) 477-4886
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Datum: 30.11.2012 - 15:37 Uhr
Sprache: Deutsch
News-ID 1176261
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