Atendia Management: The Businnes Plan

Résumé du document

The objective of this business plan is, first to present our hedge fund start-up strategy and policy, then to obtain an authorization from the AMF, and finally to raise capital from investors. Our hedge fund, Atendia Management is a start-up. We plan to launch it on September 1st, 2008. We propose a competitive strategy, a core management based on a fund of hedge funds strategy, and a satellite management based on an arbitrage strategy. Our strategy relies on a new and unique structure of fees, which provides us with a key advantage, and which will enable us to succeed. Our products will be addressed to sophisticated investors. Our financial objective is to reach high absolute returns and to enable investors to diversify their portfolio risk. The team is basically composed of five managers who benefit from a robust expertise acquired in investment banking and asset management. We plan to finance our start-up through raised capital, high net worth investors, friends and personal capital, and hedge funds contribution.

Extraits

[...] Lee Ann Obringer. How Business Plans Work. Mack Paul. Seeding It's a funny old game! AIMA Journal. Autumn 2007. Simons & Simons. Hedge Funds in France: new developments. M. Jones L. Bastell G. [...]

[...] Finally, the global management of the hedge fund, including the accounting, will be realized by the managers themselves How to invest in Atendia Management o The prospectus of Atendia Management will be available on written request and within a week, to the following address: Atendia Management 135bis Boulevard Victor Hugo 06000 Nice o In addition, the webmaster will be in charge of the website of Atendia on a daily basis, in order to provide investors with current data and reports. The prospectus of Atendia summarizing its investment strategy will be thus available on the website www.atendia.fr (in process of creation). [...]

[...] o Manager risk : The expertise of the manager is a key issue in the implementation of the strategy of a hedge fund since he is entirely responsible for the absolute performance. This risk is however partially limited because we select the best managers for generating alpha. Likewise, operational risks have to be considered such as back office operations, accounting reconciliation or legal infrastructure. In order to minimize them, we often turn to professional advisors. o Credit risk : The transactions with numerous counterparts like bankers, brokers and derivatives products are highly exposed to the credit risk. [...]

[...] Indeed, there are only management fees for the core, and performance fees for the satellite. Besides, we do not add investment selection and monitoring fees to the fees of the underlying hedge funds managers from the fund of hedge funds. This particular allocation of fees constitutes a real comparative advantage compared to traditional hedge funds. o Professional advices: We offer advice to potential investors so that they can choose or not if the investment strategy we propose is coherent to their policy. [...]

[...] o Since the beginning of 2008, the FED has decreased its interest rate by at due to the American economic recession and could decrease it by by the end of April. Thus, at the end of the month the interest rate could reach 2%. During this time, the BCE does not change its interest rate to fight the inflation. Consequently in the Euro area, the interest rate remains at 4%. Based on that, the investors are looking for investments that are less risky than stocks and giving higher return than bonds. Thus, Hedge funds could be a real opportunity. [...]