In 2018, Kite Lake has been chosen as one of the firms in the UK financial services industry to participate in a celebration organised by the History of Parliament Trust to mark the centenary of the Representation of the People Act. Our culture is not conducive to creating ‘egos’,” explains Khadjenouri. We are very down to earth with our feet on the ground. “A firm run by a woman has a different culture and a different perspective. Kite Lake is now amongst the largest hedge fund managers in Europe, or globally, co-founded by a woman. The culture is perhaps in part a function of its diversity. Our risk management systems and processes have proven themselves to be effective over the past 7 years,” says Khadjenouri. “Furthermore, a robust risk governance framework has been put in place by our “non-investment” team lead by Rupert Haworth-Booth. Our portfolio managers are indifferent about the size of their personal book,” Khadjenouri adds. They create all sorts of problems, at the interpersonal and investment levels in terms of forced investing, and internal competition over book sizes and returns on capital. The flagship strategy is run as one portfolio without any silos. Half of the team worked together before joining Kite Lake and we have over 70 years of collective event driven experience,” says Khadjenouri. Lernout is credit portfolio manager, Sherman is equity portfolio manager, and Khadjenouri is both CIO and CRO, but there is no star culture of any one person dominating. Massi Khadjenouri Co-Founder, CIO and CRO, Kite Lake
A firm run by a woman has a different culture and a different perspective. Lernout, too, has been active since the infancy of Europe’s levered, stressed and distressed credit markets in the late 1990s. She began as a proprietary trader at Paribas with the team that was then spun out into Centaurus Capital, before setting up Cheyne’s event desk. Khadjenouri, who featured in the 2012 edition of our biennial ‘Tomorrow’s Titans’ report published in association with EY, has been investing in the event driven market since its genesis twenty-five years ago. Their partnership dates back even further to when Khadjenouri was a client of Lernout’s at Goldman Sachs where he was investing on a proprietary basis, when they co-invested in some deals. Kite Lake was originally co-founded by Massi Khadjenouri and Jan Lernout who worked together at Cheyne Capital from 2005 before launching the KL Special Opportunities Master Fund in February 2011. The KL Event Driven UCITS Fund has recorded a 3.67% net return in the first three months of this year. As of April 2018, the UCITS fund AUM stood at $235m.īefore joining Kite Lake in 2011, Sherman was the co-Head of European Research at PSAM, having started his career at UBS in 2000. It invests in the same merger arbitrage and equity event driven positions as the flagship strategy but does not include the credit or distressed elements from the Cayman fund.
In May 2017 Kite Lake launched a UCITS version of the strategy which is lead managed by Jamie Sherman, the portfolio manager for the M&A and equity event driven strategies in the master fund. The strategy has profited in 21 of the 33 down months for the MSCI World Index during the period.
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The average annualised returns over the Fund’s 7 year plus track record is 9 % net of fees with a volatility of 5.3%, a Sharpe of 1.7 and average correlation of 0.18 to the MSCI World Index. The KL Special Opportunities Fund recorded a 10.3% net return in 2017 (for the USD A Share Class) and recorded a strong + 5% net return in the first three months of 2018.
Kite Lake Capital Management UK LLP, the London-based hard catalyst-focused event driven fund manager, celebrated its seven-year track record on February 1st, 2018 and in the process recorded its seventh consecutive year of positive returns.
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