Algebra Capital Exceeds USD1 billion in Assets Under Management
Dramatic Growth Demonstrates International Confidence in Algebra’s Distinctive Investment Style and Management Team
In under a year of managing money, Algebra Capital announced today that its Assets Under Management (AUM) exceeded USD 1bn. Focused on asset management in the MENA region, the company has crossed a number of significant milestones, and has a strong pipeline in place for 2008.
“Achieving over $1bn in assets under management and sub-advisory mandates in under a year of full operations is a clear ratification of the success of our strategy to date – a distinct combination of our expertise in the field of asset management, with the experience, team ethos and in-depth regional knowledge of the management which delivers solid and consistent results,” stated Ziad Makkawi, Founder and CEO of Algebra Capital. “2008 will see us build on this foundation with the imminent introduction of our fixed income products in the next few weeks and our private equity business in the second half of the year.”
During the course of 2007, Algebra Capital was appointed as sub-advisor on the Schroders International Selection Fund Middle East, as well as successfully launching its flagship Equity fund, the Alpha MENA Fund. More recently Algebra Capital has been working with its strategic partner Franklin Templeton on launching a series of funds targeting a global audience. In February 2008, Algebra Capital launched its Special Situations Fund, which it capped at $55 million. This fund, which had previously been run as a managed account since June 07, returned 66% to December 2007. Since its launch, the Special Situations Fund is up 6.50 % as of February 28.
Algebra Capital has a distinct, research intensive, investment style across its various asset classes. This focus has attracted international and regional investors looking for solid returns and unrivalled market insight into the MENA region. Both the Alpha MENA Fund and the Special Situations Fund reflect this selective, considered and concentrated style, with strong returns based on the team’s experience. Since inception in October 2007, the Alpha MENA Fund has accumulated AUMs of over $500 million, and has delivered returns of 24.40 % to its investors outperforming its benchmark by over 450 basis points.
“Developing a considered yet pioneering investment style combined with an operational platform in line with international standards and best practice, is important to remaining the MENA partner of choice to both our regional and global institutional investors. We are excited to have a strong pipeline of future funds and investment vehicles ready to launch during 2008, which will complement and strengthen our existing offering,” added Makkawi.
Leveraging the firm’s relationship with Franklin Templeton, its global asset management strategic partner is one of the strategies Algebra Capital will employ to drive growth in 2008. “In the coming months, Algebra Capital will be announcing some of the first joint products with Franklin Templeton, extending our present established investor base to a broader, global institutional and retail client base” concluded Makkawi.
