Alterra Capital partners with UK-based Fortune Asset Management and brings Canadian investors a new approach to hedge fund investing

    TORONTO, June 6 /CNW/ - Alterra Capital today announced it has entered
into an exclusive partnership arrangement with UK-based Fortune Asset
Management to provide sub-advisory services to Alterra's hedge fund products,
access to Fortune's hedge fund portfolio platform and enter into cross
marketing opportunities.
    Jit Mistry, Alterra's CEO, said, "We are excited about our relationship
with Fortune and our entry into the Canadian hedge fund marketplace. Our
approach has always been to bring unique and relevant alternative investment
ideas to our Canadian clients. This relationship works well with our
philosophy as Fortune's hallmarks are entrepreneurship, transparency, a proven
process, and a successful track record. Theirs is the platform on which we
will build our presence in Canada."
    In the coming months, Alterra will be introducing a new concept in the
hedge fund space which will address two of the most challenging aspects of
this asset class, namely transparency and liquidity. The new structure will be
based on what is known as a "Managed Account" platform. The fund will be the
first of its kind for a multi-manager, multi-strategy hedge fund. Sub-advisory
for the Fund will be led by Jack Schwager, a former Director of Derivates
Research with leading Wall Street firms and portfolio manager, who is renowned
for his best-selling Market Wizards series, chronicling the world's best
traders, and his Schwager on Futures series, regarded as one of the most
in-depth reference works in the field. Instead of investing in hedge funds by
buying units directly into Limited Partnerships, the fund will direct all
underlying managers to establish accounts on a managed account platform.
According to Mr. Schwager, "The Alterra Fund will essentially own the same
investments, but with the transparency, liquidity and valuation of which most
funds of funds can only dream". Alterra will also be introducing a customized
portfolio platform designed primarily for Ultra High Net Worth investors,
family offices and institutional investors. Mr. Mistry further adds, "This
customization platform is ideal for investors who require something more than
a 'one size fits all' multi-manager, multi-strategy hedge fund program. In
partnership with Fortune, we will be able to construct customized solutions
that will fit within the overall context of existing portfolios to achieve
specific objectives within stated constraints."
    Simon Hopkins, Fortune's Managing Director, said, "Fortune is pleased to
enter into this exclusive joint-venture with Alterra. The firm is staffed with
highly experienced professionals who understand the issues individual and
institutional investors in hedge funds face, and our platform is an ideal fit
in helping Alterra create and deliver the solutions to Canadians."

    About Alterra Capital

    Alterra Capital is a private Canadian specialized asset management firm
that focuses upon the creation of non-traditional and non-correlated asset
based solutions with an international orientation in equity, income and
portfolio overlay strategies. The firm operates in both the private client
area through select Affluent Canadian Families and Wealth Advisory Firms and
in the institutional area for clients such as foundations, endowments and
    Alterra was founded by a team of financial services professionals who
have more than 75 years of combined experience in all stages of business
development: from start to maturity, business strategy, and investment product

    About Fortune Asset Management

    Fortune Asset Management is a London, UK based alternative asset
management firm offering some of the world's top performing multi-manager and
single manager hedge fund products as well as customized portfolio management
for a range of private wealth management groups, family offices, insurance
companies, banks and both public and private pension funds. Since 1996,
Fortune and its subsidiary company, Global Fund Analysis (GFA), have been
pre-eminent names in manager selection and fund evaluation in the alternatives
arena. The firm has also provided seed capital to many of the nascent hedge
funds in Europe, raising over US$2.5bn in early stage funding. Today, Fortune
is a member of the Close Brothers Group, an independent merchant banking group
founded in the City of London over 125 years ago. The asset management
division of the Close Brothers Group manages USD 18 billion of assets,
approximately half of which are invested in alternatives. Since 1996, Fortune
has provided hedge fund recommendations to over 800 institutional clients.
    Since November 2001, the firm has developed a hedge fund management
business which today oversees in excess of USD1.2bn of hedge fund investments
across a range of funds. Fortune is authorized and regulated by the Financial
Services Authority in the United Kingdom to provide investment management
services and registered with the U.S. Securities and Exchange Commission as an
investment adviser.

For further information:

For further information: Jit Mistry, Chief Executive Officer, Alterra
Capital, (905) 901-9788

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