LRG Capital Group Adds Multi-Strategy Hedge Fund to Platform Through Partnership With Admiral Capital Management, LLC
LRG Capital Group, LLC, a global investment, banking and advisory boutique, announces the strategic partnership with Admiral Capital Management, LLC to create the LRG Capital/Admiral Flagship Fund - an opportunistic, convertible-centric, multi-strategy hedge fund. The Fund will be managed by William Ellsworth (CEO/CIO of Admiral Capital) in a parallel fashion to the Admiral Flagship Master Fund, Ltd. launched on January 5, 2007 with $110 million in assets under management.
“Recent economic and financial market turmoil has created investment opportunities for the Fund,” said Lawrence Goldfarb, CEO of LRG Capital Group. “The dynamic credit environment is creating better value and directional credit opportunities from both long and short sides. Our partnership with Admiral Capital allows us to add a convertible-centric hedge fund to our LRG Capital Funds (formerly BayStar Capital Funds) platform.”
Adds William Ellsworth, Admiral’s CEO/CIO: “As fundamentals have deteriorated, the recession/reflation struggle leads to sharp directional market movements which create hedged-directional opportunities - the Flagship Fund employs a tactical disciplined strategy intended to take advantage of market movements.”
The LRG Capital/Admiral Flagship Fund uses fundamentally based and tactically driven volatility, credit, hedged directional and relative value sub-strategies employed through convertible securities as well as other securities in the capital structure and related derivative instruments. The actively-managed strategy differentiates the LRG Capital/Admiral Flagship Fund from an indexed traditional convertible arbitrage approach. To create alpha, the team opportunistically overweights, underweights or eliminates certain sub-strategies, market sectors and securities.
The senior team at Admiral Capital is an experienced, cohesive, market tested portfolio management team that has worked together prior to Admiral. Over the past 20 years, William Ellsworth, CEO/CIO and Portfolio Manager of the Fund, has managed convertible arbitrage portfolios through numerous market cycles with a demonstrated record of creating alpha. His vast experience includes 12 years as Head of Convertible Trading at several major global investment banks including Smith Barney, CIBC, Wachovia Securities and Morgan Stanley.
