Cheyne Capital Acquires Stake in EMAC
23 October 2006
London – The Emerging Markets Advisory Corporation Group (“EMAC”), the asset management and advisory firm focused on opportunities in South Eastern Europe and Transcaucasia, today announced that a fund managed by Cheyne Capital Management Limited (“Cheyne Capital”), a UK-based fund manager, has acquired a 20% strategic stake in EMAC. Cheyne Capital will also have a seat on the board of EMAC. This strategic investment cements EMAC’s business relationship with Cheyne Capital and is the start of a long term partnership. In addition to the three founders, EMAC’s other major shareholder is Leo Capital plc which recently demerged from London Merchant Securities plc.
David Stewart Howitt, EMAC Founder, commented:
“Central and Eastern European markets offer great opportunities for those with the knowledge and ability to tap into their rapid development. With Cheyne Capital we have a highly sophisticated and successful partner that will enable us make the most of those opportunities for our investors.”
Matthew Gilpin, EMAC Founder and Chief Executive of EMAC Capital, added:
“Cheyne Capital is one of the most innovative and respected hedge fund managers in the market and it is a great endorsement of EMAC and our strategy that they have chosen to back our business in this way, both as a shareholder and long-term partner.”
Stuart Fiertz, President and Director of Research of Cheyne Capital, said:
“We believe that EMAC has a compelling strategy and a strong team. We are also excited by the substantial growth potential that the region represents and believe that this partnership with EMAC offers us an excellent way to access that potential.”
For further information: |
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Capital MS&L |
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| Nicholas Bastin | 020 7255 5117 |
| Annabel O’Connor | 020 7307 5339 |
About EMAC
Emerging Markets Advisory Corporation Ltd focuses on the unique opportunities for investment in Central & Eastern Europe. Founded and staffed by regional, investment banking and commercial specialists, EMAC offers a combination of intimate market understanding, regional transaction experience, and an unrivalled network of contacts.
EMAC’s wholly owned subsidiary, EMAC Capital Ltd is authorised and regulated by the Financial Services Authority and the management company, EMAC Management Ltd is regulated by the Jersey Financial Services Commission.
Website: www.emac-global.com.