UBS Unit Creates Hedge Fund JV

Tom Burroughes

21 April 2008

New York-based investment adviser Enso Capital Management and UBS Fund Advisor, an indirect subsidiary of Switzerland’s UBS, have created a joint venture, UBS Enso Management, which will act as investment advisor of the UBS Enso Fund, a closed-ended investment company, according to HedgeWeek. The UBS Enso Fund is available to UBS clients who meet the requirements for a qualified client under US regulations. UBS Enso will invest both long and short in a broad range of global equity securities and aims to achieve consistent risk-adjusted returns that are uncorrelated to both general market indices and hedge fund indices, while preserving capital and minimising downside risk and volatility. “We are excited to be aligning Enso with the exceptional wealth management platform at UBS,” says Enso chief executive and chief investment officer Josh Fink. “Partnering with UBS, a recognised leader in management and distribution with more than $100 billion in alternative investment assets, creates a unique opportunity to expand our investor base.” Within the joint venture, portfolio managers from Enso will provide day-to-day management of the fund's investment portfolio while UBS staff will oversee their activities. In managing the fund, UBS Enso's managers intend to obtain performance-generating, longer-term investment ideas through rigorous primary research and intensive travel and through Enso's networks. Founded in 2002, Enso invests in both public and private companies globally, with more than $600 million in assets under management. Around two-thirds of the portfolios Enso currently manages are allocated outside of North America.