NZ Super Fund appoints Ramius to US$200m merger arbitrage mandate
POSTED ON: 1 March 2016
The NZ Super Fund has appointed a subsidiary of Ramius LLC, the global investment management business of Cowen Group, Inc. (Nasdaq: COWN), to manage a US$200 million merger arbitrage mandate.
The mandate focuses on investment opportunities arising through merger and acquisition transactions, predominately in listed companies in North America and Europe.
This is the NZ Super Fund’s first investment in merger arbitrage, a strategy which aims to earn steady returns over the long-term by realising value from targeted merger and acquisition deals across a broad cross section of industries, and managing any risks, including the potential for any individual deal failure.
NZ Super Fund Chief Investment Officer Matt Whineray says merger arbitrage is designed to achieve a premium return over the long term. “The NZ Super Fund’s long investment horizon means it is in a good position to take advantage of the returns offered by merger arbitrage. Ramius’s specialist skills and track record complement our investment priorities and return objectives.”
Thomas W. Strauss, Chairman of Ramius, and Michael Singer, Chief Executive Officer of Ramius, said, “We are extremely pleased to be working with the NZ Super Fund. Together, we have worked diligently through the evaluation process to ensure that our merger arbitrage strategy meets the objectives of the NZ Super Fund as a long-term, growth-oriented fund. The NZ Super Fund, which was named by JP Morgan in 2015 as the world’s best-performing sovereign wealth fund, is a world-class organisation and we are very proud to be a part of the team.”
The appointment is effective 1 March 2016.
About Ramius LLC Ramius LLC is an alternative investment manager with $13.8 billion in assets under management as of October 1, 2015, offering innovative products and solutions across the liquidity spectrum to institutional and private clients. Ramius currently offers capabilities in healthcare royalties, event driven equity, equity long/short, global macro, activism, customized alternative solutions, real estate, event credit and managed futures. Ramius attracts talented investment teams as partners, providing seed and working capital, an institutional infrastructure, proven sales & marketing and industry know-how to build sustainable investment businesses.
About Ramius’ Merger Arbitrage Strategy Ramius’ Merger Arbitrage strategy focuses on liquid, fundamental research-driven merger arbitrage investments. The strategy invests in multiple types of securities, is responsive to changing market conditions and employs multi-level risk oversight that seeks better risk adjusted performance throughout the market cycle.
Ramius LLC: Dan Gagnier, Sard Verbinnen & Co, [email protected], +212 687 8080