York Capital Management and Bank of America Merrill Lynch today announce the successful launch of the York Event-Driven UCITS Fund, offering access to York Capital Management's successful Event-Driven strategies as part of Bank of America Merrill Lynch's UCITS III compliant funds platform.
York has been appointed as the investment manager to the fund with Merrill Lynch International acting as sponsor.
The York Event-Driven UCITS Fund was launched on 29 July 2009 and has already raised approximately $100 million assets under management. It is the third fund to be established on Bank of America Merrill Lynch’s UCITS compliant Luxembourg SICAV - Merrill Lynch Investment Solutions (MLIS) - and the first Event-Driven Strategy therein.
“Our investment approach couples fundamental, research-driven financial and business analysis with an experienced view of global markets and industrial trends,” said Christophe Aurand, Chief Executive Officer of York UK Advisors. “The Fund's investment objective is to achieve attractive risk-adjusted returns, by targeting companies experiencing corporate catalysts, and the Fund benefits from operating through a first class UCITS III platform.”
Eric Personne, EMEA Head of the Fund Solutions Group at Bank of America Merrill Lynch, said, “We are delighted that York Capital Management has chosen the MLIS platform in order to effectively utilise the UCITS III framework. York is already beginning to gain sizeable momentum and we are very excited about the future growth prospects of the Fund.”
The Fund follows a multi-strategy, event-driven investment style, trading in risk arbitrage, event equities, value equities strategies and credit. The portfolio managers of the Fund are Jamie Dinan, York's Founder and CEO, and Dan Schwartz, York's Chief Investment Officer.
The York Event-Driven UCITS Fund is a regulated, Luxembourg onshore vehicle, with protection for investors through the UCITS III framework of rigorous risk, diversification, counterparty exposure, liquidity and eligible asset constraints. Processes relating to the running of the Fund, including matters such as risk management, independent oversight and protection of assets, have been approved by the Luxembourg regulator.
The Fund is available for sale to institutional and retail investors in UK, Ireland, France, Italy and Spain with a minimum investment size for the retail share classes as low as US$1,000. This Fund is not for sale to US persons.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company's corporate and investment banking, and sales and trading businesses operate under the Bank of America Merrill Lynch brand. Bank of America Merrill Lynch focuses on middle-market and large corporations, institutional investors, financial institutions and government entities. It provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Bank of America Merrill Lynch serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and nearly 96 percent of the Fortune Global 500.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.