Ocean Arete Limited (“OAL”), the manager of the Arete Macro Fund (“AMF”) and the KLS Arete Macro Fund, formed a partnership with Brummer & Partners (“B&P”) in June 2016. This has been a successful partnership, which has benefited both parties and importantly allowed OAL to achieve significant growth and institutional development over this period.
The partnership has been reviewed and it has been concluded that OAL’s Founder and Senior Management will acquire B&P’s full equity stake in OAL. B&P will relinquish its board directorship of OAL and Brummer Multi-Strategy Master fund’s remaining investments in AMF will be redeemed, to be completed as of August 1st, 2022. This redemption is expected to reduce OAL’s total Assets under Management from approximately US$ 2.1bn to approximately US$ 1.8bn.
OAL has prepared for this transition, and we do not expect the change to have any material effect on OAL’s investment, operational or risk management processes. Further, we do not expect that there will be any change in OAL’s investment and operations personnel as the result of above changes.
We are grateful for B&P’s significant contribution to and support of OAL’s strong growth during the past six years and look forward to the next chapter of growth in our business.
Will Li, Chief Investment Officer
Cheryl Law, Chief Operating Officer
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