“We noticed that the implementation of equity was sometimes quite complicated and costly, particularly in cases where the management company is regulated and the change of share ownership requires regulatory approval. We are working on a proposal to our investment committee in March but I can’t give away specific details at this stage.”Īnother example of how IMQubator is tweaking its business model is its intention to move away from taking an equity stake in a fund management company when seeding, and instead use a gross revenue share model. In earlier days we turned down these managers but now we want to start including them that’s been a shift in strategy. We’ve seen a number of managers with good track records but who are finding it hard to break through the USD100million barrier. “We would like to find something different to what mainstream fund managers are offering. The intention is to look for specialised strategies that might easily be scalable to “five hundred million euros”, says Tielman, who continues: So we are expanding our focus by providing acceleration capital in addition to seeding.” They’ve built an early track record, maybe have EUR40-50million in assets and are looking to grow. As well as providing seed capital, Tielman says that in 2013 the firm intends to broaden out its remit by searching for young managers not only start-ups, “but those who have been in business for a couple of years. Speaking with hedgeweek on strategy selection, CEO Jeroen Tielman (pictured) says that in today’s New Normal market environment the firm is looking more at strategies like volatility arbitrage, exotic arbitrage, discretionary emerging markets macro, behaviour-based and activity-based strategies that have zero or negative correlation with equities. All funds seeded by IMQubator fall under the umbrella of IMQ Investment Management BV, which acts as investment manager.
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