|By PR Newswire||
|August 19, 2013 11:34 AM EDT||
NEW YORK, Aug. 19, 2013 /PRNewswire/ -- Visium Asset Management, LP ("Visium") announced the launch of the Visium Event Driven Fund (VIDVX), the first mutual fund offering for the alternative asset management firm. Founded in 2005, Visium manages in excess of $4.7 billion in assets as of June 30, 2013 across six private funds.
The Visium Event Driven Fund's investment objective is to achieve capital growth while maintaining a low correlation to the U.S. equity markets. The Fund is managed with a flexible blend of two complementary strategies (Special Situations and Merger Arbitrage) that are used to target the securities of primarily North American companies that the Fund's portfolio managers believe will be impacted by pending or anticipated corporate events.
The Special Situations Strategy is managed by Francis X. Gallagher, a 29-year industry veteran who joined Visium in 2011 upon the completion of a strategic transaction with Catalyst Investment Management Co., LLC. This strategy invests in opportunities where particular anticipated events in a company's life cycle could lead to a significant increase in the security's value over a specific period of time.
Peter A. Drippe manages the Merger Arbitrage Strategy, which invests in securities where there may be an opportunity to capture the spread between the security price at announcement and the price upon completion of a transaction. Mr. Drippe has 28 years of industry experience and joined Visium with Mr. Gallagher in 2011.
The Visium Event Driven Fund was converted from a private fund format with the same investment objective. Messrs. Gallahger and Drippe have managed the private fund since 2001.
"We are thrilled to offer our Event Driven strategy in a mutual fund format. The Fund allows investors of all sizes the opportunity to take advantage of a strategy that seeks to provide equity-like returns with low volatility comparable to that of a high-quality fixed income portfolio," said Jacob Gottlieb, MD, CFA, Managing Partner and Chief Investment Officer of Visium Asset Management. "We believe the Fund is an excellent addition to an investor's core portfolio."
"Visium continues to grow by strategically adding new products, services and talented investment professionals. Our new mutual fund initiative is a natural extension of our existing product offering," Gottlieb added, "We look forward to further expanding our mutual fund line-up over time and expanding our distribution footprint by working closely with the financial advisor channel."
About Visium Asset Management, LP
Founded in 2005 by Jacob Gottlieb, MD, CFA, Visium Asset Management, LP is dedicated to generating high-quality, low-correlated returns in a variety of market environments for high-net-worth and institutional clients.
Headquartered in New York City, Visium manages over $4.7 billion as of June 30, 2013 in long/short equity, credit, multi-strategy and event driven strategies. In addition to the Visium Mutual Funds, Visium manages six private funds. The firm has a staff of over 100 professionals.
Mutual fund investing involves risk. Principal loss is possible. Event-driven investments carry the risk that an expected event or transaction may not be completed, or be completed on less favorable terms than expected. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. The fund may make short sales of securities, which involves the risk that losses to those securities may exceed the original amount invested by the Fund. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for emerging markets. Investments in micro, small and medium capitalization companies involve less liquidity and greater volatility than investments in larger companies. The Fund may use certain types of investment derivatives such as futures, forwards, and swaps. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. The Fund may purchase IPOs (initial public offerings) which can fluctuate considerably and could have a magnified impact on fund performance when the Fund's asset base is small. The Fund may invest in other investment companies and ETFs and will bear its share of fees and expenses, in addition to indirectly bearing the principal risks of those underlying funds. The Fund may have a higher turnover rate which could result in higher transaction costs and higher tax liability which may affect returns. Past performance does not guarantee future results. Diversification does not assure a profit or protect against loss in a declining market.
The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory prospectus and, if available, summary prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-855-9VISIUM. Read it carefully before investing. The prospectus is available for download at www.visiummutualfunds.com.
A correlation coefficient is a measure of the interdependence of two random variables that ranges in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero, and perfect positive correlation at +1.
The Visium Event Driven Fund is distributed by Quasar Distributors, LLC. Not FDIC insured, not bank guaranteed, and may lose money.
SOURCE Visium Asset Management, LP