PCE Investors on-boards former Boyer Allan EMEA fund

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05 Mar, 2012

PCE Investors (PCE), the $700 million hedge fund platform, has on-boarded the Boyer Allan EMEA fund.

The fund has since been renamed the Gaman Greater Europe Opportunities Fund and will continue to focus primarily in equities in Russia, CIS, Turkey, Central and Eastern Europe, Israel, the Middle East and South Africa. Portfolio managers James Tregear, George Granville and Tim Orchard will continue in their roles.

“The Boyer Allan vehicle is complementary to our existing strategies and there were no changes made to the fund’s structure. Counterparties and service providers will remain the same, and the whole process has gone incredibly smoothly. On-boarding the fund took approximately three weeks,” said Steve Penney, chief operating officer and chief financial officer at PCE.

“We are going to provide the Gaman fund with the operational infrastructure and middle and back office support so the managers can focus exclusively on trading and delivering alpha. We will handle all of the regulatory compliance and other issues,” commented Penney.

Boyer Allan, a London and Hong Kong-based emerging markets specialist decided to liquidate in early 2012 following a poor performance in 2011. It was also reported that the firm’s founders Johnny Boyer and Nicholas Allan had grown dissatisfied with the fund management business.

At its peak, Boyer Allan managed $2 billion although assets had fallen to $500 million. Several of its funds had recorded double digit declines in 2011 as markets turned extremely volatile. Its Pacific Opportunities Fund was spun out in January 2012 and has since been bought under Stone Drum Partner’s investment management umbrella.

“The cost base for running a hedge fund continues to grow and there are increasing barriers to entry. Small- to mid-size managers are going to have to outsource or utilise hedge fund platforms in order to grow their businesses. I anticipate we will be on-boarding several more funds in the next few months,” said Penney.

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