Concise Capital Management, an independent fund management company affiliated with Canepa Management, that has over US$ 250 million in assets under management, and that specializes in short-term, underfollowed high yield bonds, launched its first UCITS fund in November 2016.
The new UCITS fund, which invests in high yield corporate debt, focuses on Concise Capital’s investment philosophy and looks for value in the inefficient part of the high yield bond market. The result is a portfolio that generates a high level of income, while minimizing credit risk, reducing volatility, and adding diversification.
Glenn Koach and Tom Krasner founded Concise Capital in 2004. Concise Capital already runs a Cayman Islands domiciled hedge fund, sub-advises a 1940 Act mutual fund, and manages separate accounts. Mr. Koach and Mr. Krasner expects that the UCITS fund will fill a need for high current income while avoiding interest rate risk for European and other offshore investors who are seeking daily liquidity.
"We have gauged strong interest in alternative assets, such as short-term, under-followed high yield debt" said Tom Krasner, co-founder of the firm.
“At the moment, we are targeting institutional investors and retail investors in Europe, particularly in the UK and Switzerland. In the longer term, we expect to market the UCITS to LATAM investors and the US offshore market,” he added.
The fund's management team is led by Tom Krasner, who has a track record of more than 25 years in evaluating fixed income, distressed debt, and high-yield bonds, and by Glenn Koach, who has over 30 years in experience managing short-term high yield bonds.
Prior to founding Concise Capital with Koach, Krasner was Executive Vice President at Harch Capital Management, responsible for restructuring high yield debt and bank loans. Prior to that, Krasner was a Principal and Portfolio Manager at Riverside Capital Advisers, where he co-managed a short-term high-yield bond strategy with Koach.
In 1984, Koach co-founded Riverside Capital Advisers a boutique institutional investment management company that grew to US$ 400 million in assets under management.