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E U R O F I N A S S E T M A N A G E R S
C O N F I D E N T I A L | J U L Y 2 0 1 1
The new approach to asset management
IMPORTANT INFORMATION - FOR AUTHORISED USE ONLY
Please note that the following limitations apply to this document:
This document is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell or the
solicitation of an offer to buy any interest in any entity or other investment vehicle or a commitment by Eurofin Capital S.A. to manage any
investment portfolio.
This document is meant only to provide a broad overview for discussion purposes. as such, all information provided here is subject to
change.
If and when an investment opportunity is structured, all investors must obtain and carefully read the related Offering Memorandum, which
will contain additional information needed to evaluate the potential investment and provide important disclosures regarding risks, fees and
expenses.
This document is confidential. Neither this document nor any part thereof may be reproduced or distributed without the prior written
authorisation of Eurofin Capital S.A. Any reproduction or distribution of any of the contents of this document may constitute a violation of
securities laws and/or other laws.
Any investment portfolios utilizing the strategies described herein, if made available, should be regarded as highly speculative in nature and
could result in the loss of all the capital invested. Any such investment portfolio is intended only for experienced and sophisticated investors
who could afford such a loss.
Any information and/or opinions provided herein constitute the understanding of the entity providing such information and/or opinions as
of the date hereof, are subject to change without notice.
This document may not be reproduced (in whole or in part), transmitted, modified or used for any public or commercial purpose without the
prior written permission of Eurofin Capital S.A .
© Copyright by Eurofin Capital S.A. . 2011 - all rights reserved.
Index
Eurofin Asset Managers Page 03
Some facts Page 04
Portfolio consulting & advisory Page 05
Asset management & portfolio allocation: an innovative investment process Page 06
The team Page 07
Contact information Page 08
E U R O F I N A S S E T M A N A G E R S | 3
Eurofin Asset Managers
Eurofin Asset Managers is the asset management arm of the Eurofin Group, which was created in Switzerland to
serve financial institutions as well as a select group of high net worth families. Based in Lausanne and in London,
we combine our Swiss heritage with the financial market expertise of our international executive team.
Our mission is twofold:
– Asset management: our objective is to generate optimal risk adjusted returns while preserving
capital and maintaining a high degree of asset liquidity in the portfolio. This is achieved through a
rigorous and permanent risk control process.
– Portfolio consulting and Advisory: we make investment recommendations based on an in-depth
analysis of our clients’ portfolios.
These two activities are separate in order to avoid any conflict of interest
Eurofin Asset Managers has built a proprietary investment platform covering the full spectrum of portfolio
management styles, including traditional and alternative strategies.
E U R O F I N A S S E T M A N A G E R S | 5
Managed Accounts
Funds
White Labeled Funds
Discretionary Mandates
Technical Risk Mgt. (Overlay)
Consolidated Report
Audit Report
Advisory
Asset Management
Portfolio Consulting & Advisory
Eurofin Capital
About the Eurofin Group
• The Group employs over 65 international
professionals of which 15 are dedicated to
asset management.
• Over CHF 2B of assets entrusted.
About Eurofin Capital
• A long experience in traditional and
alternative asset management
• A recognized expertise in tactical asset
allocation
• First and foremost focus on long-term
capital preservation and risk adjusted
performance
• Transparency
• Liquidity
Some Facts
These past few years, portfolio management became a real challenge:
• Markets are more and more volatile and unstable
• Market shocks can have a devastating effect on portfolio performance
• Hedge funds are often opaque, making risks difficult to assess in their integrality
• Fees are opaque especially in funds of funds where rebates is a usual practice
• Alternative investments products are suffering from a lack of liquidity
• The same observation applies to most complex products in markets when volatility is extreme
• Portfolio allocation is often delegated to firms that are not asset managers themselves
Eurofin Asset Managers: the response to this challenge
On audit and advisory:
• A recognized expertise in risk assessment and control
• An independent portfolio valuation
• A rigorous managers selection, process, which enabled us to avoid any fraud or blowups so far
On asset management:
• A long experience in hedge fund management as well as in portfolio allocation with proven track records
• An innovative asset management process based on tactical asset allocation among various and predefined
risk buckets according to their own risk reward
• Focus on absolute returns
• Emphasis on capital preservation
• Strong interest alignment with investors
• Directors have invested substantial parts of their wealth in the funds. Moreover, Incentive fees are
subject to a high-water mark and are paid once the fund’s performance exceeds a specific
benchmark.
E U R O F I N A S S E T M A N A G E R S | 7
Portfolio consulting & advisory
A five-stage process specifically designed to deliver robust and durable solutions
Phase 1: Portfolio consolidation
We make a consolidated statement of our client’s portfolios in order to have a clear view of its various
components
Phase 2: portfolio analysis / risk assessment
This phase is achieved based on the consolidated report made in phase 1.
• What are the risks ? In this phase, virtually all risks are assessed and analyzed in-depth (market risk,
interest rate risks, currency risks, credit risk, counterparty risk, liquidity risk, as well as operational and
legal risk) .
• How the performance was compared to the benchmarks?
• How liquid the portfolio is (globally and line by line)?
• How correlated the various components of the portfolio are?
• How the portfolio would react in different scenarios? (Stress tests)
Phase 3: Diagnosis
• Is the performance in line with the clients objectives ?
• Are the fees those that were negotiated ?
• What are the risks in view of the current market environment?
Phase 4: Objectives settings
Objective settings: The team helps the clients to fix his own objectives based on the output of our investment
process
Phase 5: Portfolio allocation
Portfolio allocation: Based on the clients objectives (especially risk adjusted performance and liquidity) and our
fundamental views, Eurofin Asset managers create the appropriate portfolio.
The Cost: We will charge you Euro 10’000 for the consulting. It is a one-off charge representing 3 days of our time
and our experience, and the recommendation we arrive at and the observations we make will be specific to your
portfolio and your requirements.
E U R O F I N A S S E T M A N A G E R S | 9
Asset management & portfolio allocation:
an innovative investment process
E U R O F I N A S S E T M A N A G E R S | 11
1. At Eurofin capital, asset management follows a
proprietary process where macro fundamentals and
systematic inputs are used to deliver the optimal
asset allocation in the portfolio
2. The performance is continuously and systematically
monitored to maintain the portfolio within the
predefined risk guidelines.
3. In order to mitigate market risks, invested portfolios
are built around a strategic allocation framework
with:
a. liquid components to allow tactical
repositioning and hedging (using long-
volatility and defensive strategies )
b. Hedge funds (alpha) and alternative trading
techniques (alternative beta) to reduce the
volatility inherent to a specific asset class
4. The same investment process is applied to both
discretionary mandates and our own funds, where
the directors have invested their money alongside
their clients
Foreign
Equities
Domestic
Equities
Bonds
Cash
Hedge
Funds
Real Estate
Commodities
Private
Equity
Others
Global
Portfolio
Equities
L/S
Arbitrage
Cash +
Futures
Multi strategy
HF
Overlay
Commodities
long/short
Private Equity
Others
Mirror
Portfolio
Why Eurofin?
E U R O F I N A S S E T M A N A G E R S | 12
1. We are hedge fund managers and therefore we have a better understanding of risks and
trading processes than any other manager selectors
2. As a result, we have an outstanding track record in our managers selection (no frauds
or blowup so far among the managers we have been dealing within 15 years)
3. We are transparent with respect to the fees we charge (all rebates, if any, are entirely
transferred to our clients)
4. Our fees are extremely competitive
5. Our team as well as our presence is international
6. Our objective is clearly capital preservation
7. Our focus is optimal risk adjusted return and portfolio liquidity
Laurent Chevallier
Head of Alternative Research and
Portfolio Management
Laurent Chevallier leads the firm’s
Research & Portfolio
Management efforts. He brings a
process-driven, long volatility
investment style to Eurofin.
Mr. Chevallier was previously Head
of Manager Selection & Investments
at Unigestion, where he managed a
$3.5B hedge fund portfolio with his
12-person research team . This
team consistently brought
Unigestion's funds performance into
top decile rankings.
Prior to that, Laurent was Director of
Research and Asset Allocation for
Weston Capital (1.5B) in New York,
CIO at Bucephale (0.5B) in Geneva,
and Co-Founder and Managing
Partner of Quest Partners in New
York.
He started his career as an analyst
and a futures trader in New York and
has extensive experience in
systematic and arbitrage strategies.
He holds an MBA from the
Thunderbird Business School and is a
CFA charter holder.
James M.M. Edwards
Chief Investment Officer
James Edwards has been Lausanne-
based Eurofin Group’s company’s
Chief Investment Officer since 2008
and a Managing Director of London-
based Eurofin Capital Ltd. since the
company’s creation in 2009.
He brings over 20 years of
investment experience at the
highest level, as a direct investment
manager and as an asset allocator in
both the traditional and the
alternative investment worlds. Prior
to joining the Eurofin Group, Mr.
Edwards was Executive Director of
UBS Wealth Management Hedge
Fund Advisory business and Member
of the firm's UK Investment
Committee. Prior to that, James was
CIO of Mizuho Investment
Management in London, a leveraged
loan investment company and CIO of
BAREP Asset Management, Société
Générale Paris-based alternative
investment subsidiary. Whilst at
BAREP, Mr. Edwards launched and
managed a number of credit and
emerging market hedge funds, as
well as an emerging market CDO.
James began his investment career
as a fixed income Portfolio Manager
at Rupert Loewenstein, a high net
worth specialist manager. After that,
he was Portfolio Manager at Crédit
Suisse Asset Management within the
multi-currency fixed income team
and at F&C Emerging Markets,
where he ran fixed income
portfolios.
Michel Creton
Chief Executive Officer
Michel is Eurofin Capital's Chief
Executive Officer, where he heads
the firm's financial structuring
activities. With over 20 years of
business experience in both asset
Management and investment
structuring, he is intimately familiar
with international company
management, investment services,
with an emphasis on regulatory and
governance frameworks.
Prior to joining the Eurofin Group,
Michel was Vice-President of Forvest
Trust S.A., a Geneva-based
International financial services
company specialised in asset
management for private
clients, Michel joined the Eurofin
Group in 2004 and became Executive
Partner in 2009.
The team
Switzerland
Eurofin Capital SA
Rue Etraz, 4
CP 6003
1003 Lausanne, Suisse
Contacts Patrick Vieljeux
Michel Creton
Téléphone +41 (0)58 710 72 00
Fax +41 (0)58 710 72 01
E-mail mcreton@eurofincapital.com
pvieljeux@eurofincapital.com
United Kingdom
Eurofin Capital Limited
66, Saint James’s Street
London SW1A 1NE
United Kingdom
Contact James Edwards
Telephone +44 (0)207 016 3230
Fax +44 (0)207 016 3231
E-mail jedwards@eurofincapital.com
Website www.eurofincapital.com
E U R O F I N A S S E T M A N A G E R S | 15

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Eurofin_Asset Managers (3)

  • 1. E U R O F I N A S S E T M A N A G E R S C O N F I D E N T I A L | J U L Y 2 0 1 1 The new approach to asset management
  • 2. IMPORTANT INFORMATION - FOR AUTHORISED USE ONLY Please note that the following limitations apply to this document: This document is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell or the solicitation of an offer to buy any interest in any entity or other investment vehicle or a commitment by Eurofin Capital S.A. to manage any investment portfolio. This document is meant only to provide a broad overview for discussion purposes. as such, all information provided here is subject to change. If and when an investment opportunity is structured, all investors must obtain and carefully read the related Offering Memorandum, which will contain additional information needed to evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. This document is confidential. Neither this document nor any part thereof may be reproduced or distributed without the prior written authorisation of Eurofin Capital S.A. Any reproduction or distribution of any of the contents of this document may constitute a violation of securities laws and/or other laws. Any investment portfolios utilizing the strategies described herein, if made available, should be regarded as highly speculative in nature and could result in the loss of all the capital invested. Any such investment portfolio is intended only for experienced and sophisticated investors who could afford such a loss. Any information and/or opinions provided herein constitute the understanding of the entity providing such information and/or opinions as of the date hereof, are subject to change without notice. This document may not be reproduced (in whole or in part), transmitted, modified or used for any public or commercial purpose without the prior written permission of Eurofin Capital S.A . © Copyright by Eurofin Capital S.A. . 2011 - all rights reserved.
  • 3. Index Eurofin Asset Managers Page 03 Some facts Page 04 Portfolio consulting & advisory Page 05 Asset management & portfolio allocation: an innovative investment process Page 06 The team Page 07 Contact information Page 08 E U R O F I N A S S E T M A N A G E R S | 3
  • 4.
  • 5. Eurofin Asset Managers Eurofin Asset Managers is the asset management arm of the Eurofin Group, which was created in Switzerland to serve financial institutions as well as a select group of high net worth families. Based in Lausanne and in London, we combine our Swiss heritage with the financial market expertise of our international executive team. Our mission is twofold: – Asset management: our objective is to generate optimal risk adjusted returns while preserving capital and maintaining a high degree of asset liquidity in the portfolio. This is achieved through a rigorous and permanent risk control process. – Portfolio consulting and Advisory: we make investment recommendations based on an in-depth analysis of our clients’ portfolios. These two activities are separate in order to avoid any conflict of interest Eurofin Asset Managers has built a proprietary investment platform covering the full spectrum of portfolio management styles, including traditional and alternative strategies. E U R O F I N A S S E T M A N A G E R S | 5 Managed Accounts Funds White Labeled Funds Discretionary Mandates Technical Risk Mgt. (Overlay) Consolidated Report Audit Report Advisory Asset Management Portfolio Consulting & Advisory Eurofin Capital About the Eurofin Group • The Group employs over 65 international professionals of which 15 are dedicated to asset management. • Over CHF 2B of assets entrusted. About Eurofin Capital • A long experience in traditional and alternative asset management • A recognized expertise in tactical asset allocation • First and foremost focus on long-term capital preservation and risk adjusted performance • Transparency • Liquidity
  • 6.
  • 7. Some Facts These past few years, portfolio management became a real challenge: • Markets are more and more volatile and unstable • Market shocks can have a devastating effect on portfolio performance • Hedge funds are often opaque, making risks difficult to assess in their integrality • Fees are opaque especially in funds of funds where rebates is a usual practice • Alternative investments products are suffering from a lack of liquidity • The same observation applies to most complex products in markets when volatility is extreme • Portfolio allocation is often delegated to firms that are not asset managers themselves Eurofin Asset Managers: the response to this challenge On audit and advisory: • A recognized expertise in risk assessment and control • An independent portfolio valuation • A rigorous managers selection, process, which enabled us to avoid any fraud or blowups so far On asset management: • A long experience in hedge fund management as well as in portfolio allocation with proven track records • An innovative asset management process based on tactical asset allocation among various and predefined risk buckets according to their own risk reward • Focus on absolute returns • Emphasis on capital preservation • Strong interest alignment with investors • Directors have invested substantial parts of their wealth in the funds. Moreover, Incentive fees are subject to a high-water mark and are paid once the fund’s performance exceeds a specific benchmark. E U R O F I N A S S E T M A N A G E R S | 7
  • 8.
  • 9. Portfolio consulting & advisory A five-stage process specifically designed to deliver robust and durable solutions Phase 1: Portfolio consolidation We make a consolidated statement of our client’s portfolios in order to have a clear view of its various components Phase 2: portfolio analysis / risk assessment This phase is achieved based on the consolidated report made in phase 1. • What are the risks ? In this phase, virtually all risks are assessed and analyzed in-depth (market risk, interest rate risks, currency risks, credit risk, counterparty risk, liquidity risk, as well as operational and legal risk) . • How the performance was compared to the benchmarks? • How liquid the portfolio is (globally and line by line)? • How correlated the various components of the portfolio are? • How the portfolio would react in different scenarios? (Stress tests) Phase 3: Diagnosis • Is the performance in line with the clients objectives ? • Are the fees those that were negotiated ? • What are the risks in view of the current market environment? Phase 4: Objectives settings Objective settings: The team helps the clients to fix his own objectives based on the output of our investment process Phase 5: Portfolio allocation Portfolio allocation: Based on the clients objectives (especially risk adjusted performance and liquidity) and our fundamental views, Eurofin Asset managers create the appropriate portfolio. The Cost: We will charge you Euro 10’000 for the consulting. It is a one-off charge representing 3 days of our time and our experience, and the recommendation we arrive at and the observations we make will be specific to your portfolio and your requirements. E U R O F I N A S S E T M A N A G E R S | 9
  • 10.
  • 11. Asset management & portfolio allocation: an innovative investment process E U R O F I N A S S E T M A N A G E R S | 11 1. At Eurofin capital, asset management follows a proprietary process where macro fundamentals and systematic inputs are used to deliver the optimal asset allocation in the portfolio 2. The performance is continuously and systematically monitored to maintain the portfolio within the predefined risk guidelines. 3. In order to mitigate market risks, invested portfolios are built around a strategic allocation framework with: a. liquid components to allow tactical repositioning and hedging (using long- volatility and defensive strategies ) b. Hedge funds (alpha) and alternative trading techniques (alternative beta) to reduce the volatility inherent to a specific asset class 4. The same investment process is applied to both discretionary mandates and our own funds, where the directors have invested their money alongside their clients Foreign Equities Domestic Equities Bonds Cash Hedge Funds Real Estate Commodities Private Equity Others Global Portfolio Equities L/S Arbitrage Cash + Futures Multi strategy HF Overlay Commodities long/short Private Equity Others Mirror Portfolio
  • 12. Why Eurofin? E U R O F I N A S S E T M A N A G E R S | 12 1. We are hedge fund managers and therefore we have a better understanding of risks and trading processes than any other manager selectors 2. As a result, we have an outstanding track record in our managers selection (no frauds or blowup so far among the managers we have been dealing within 15 years) 3. We are transparent with respect to the fees we charge (all rebates, if any, are entirely transferred to our clients) 4. Our fees are extremely competitive 5. Our team as well as our presence is international 6. Our objective is clearly capital preservation 7. Our focus is optimal risk adjusted return and portfolio liquidity
  • 13. Laurent Chevallier Head of Alternative Research and Portfolio Management Laurent Chevallier leads the firm’s Research & Portfolio Management efforts. He brings a process-driven, long volatility investment style to Eurofin. Mr. Chevallier was previously Head of Manager Selection & Investments at Unigestion, where he managed a $3.5B hedge fund portfolio with his 12-person research team . This team consistently brought Unigestion's funds performance into top decile rankings. Prior to that, Laurent was Director of Research and Asset Allocation for Weston Capital (1.5B) in New York, CIO at Bucephale (0.5B) in Geneva, and Co-Founder and Managing Partner of Quest Partners in New York. He started his career as an analyst and a futures trader in New York and has extensive experience in systematic and arbitrage strategies. He holds an MBA from the Thunderbird Business School and is a CFA charter holder. James M.M. Edwards Chief Investment Officer James Edwards has been Lausanne- based Eurofin Group’s company’s Chief Investment Officer since 2008 and a Managing Director of London- based Eurofin Capital Ltd. since the company’s creation in 2009. He brings over 20 years of investment experience at the highest level, as a direct investment manager and as an asset allocator in both the traditional and the alternative investment worlds. Prior to joining the Eurofin Group, Mr. Edwards was Executive Director of UBS Wealth Management Hedge Fund Advisory business and Member of the firm's UK Investment Committee. Prior to that, James was CIO of Mizuho Investment Management in London, a leveraged loan investment company and CIO of BAREP Asset Management, Société Générale Paris-based alternative investment subsidiary. Whilst at BAREP, Mr. Edwards launched and managed a number of credit and emerging market hedge funds, as well as an emerging market CDO. James began his investment career as a fixed income Portfolio Manager at Rupert Loewenstein, a high net worth specialist manager. After that, he was Portfolio Manager at Crédit Suisse Asset Management within the multi-currency fixed income team and at F&C Emerging Markets, where he ran fixed income portfolios. Michel Creton Chief Executive Officer Michel is Eurofin Capital's Chief Executive Officer, where he heads the firm's financial structuring activities. With over 20 years of business experience in both asset Management and investment structuring, he is intimately familiar with international company management, investment services, with an emphasis on regulatory and governance frameworks. Prior to joining the Eurofin Group, Michel was Vice-President of Forvest Trust S.A., a Geneva-based International financial services company specialised in asset management for private clients, Michel joined the Eurofin Group in 2004 and became Executive Partner in 2009. The team
  • 14.
  • 15. Switzerland Eurofin Capital SA Rue Etraz, 4 CP 6003 1003 Lausanne, Suisse Contacts Patrick Vieljeux Michel Creton Téléphone +41 (0)58 710 72 00 Fax +41 (0)58 710 72 01 E-mail mcreton@eurofincapital.com pvieljeux@eurofincapital.com United Kingdom Eurofin Capital Limited 66, Saint James’s Street London SW1A 1NE United Kingdom Contact James Edwards Telephone +44 (0)207 016 3230 Fax +44 (0)207 016 3231 E-mail jedwards@eurofincapital.com Website www.eurofincapital.com E U R O F I N A S S E T M A N A G E R S | 15