Covepoint Capital Advisors LLC
| Private | |
| ISIN | 🆔 |
| Industry | Hedge fund |
| Founded 📆 | New York City, New York, United States 2008 |
| Founder 👔 | |
| Headquarters 🏙️ | , , |
Area served 🗺️ | Worldwide |
Key people | Melissa Ko |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Covepoint Capital Advisors LLC is a privately held hedge fund, which is based in New York City, New York. The fund started off as part of Bear Stearns in 2005 and spun off into a standalone fund in 2008. Melissa Ko managed the fund since its inception. By 2015, the fund had over $2.4 billion in managed assets and was transformed into a family office.[1]
History[edit]
Ko started the fund in 2005 with Bear Stearns, before it was bought by JP Morgan Chase in 2008. JP Morgan Chase then spun out as a standalone fund, Covepoint Capital Advisors LLC. The fund had performed well while under Bear Stearns, having generated gains of 25.7 percent in 2007, 25.6 percent in 2006 and 46.9 percent in 2005, according to reports.[2]
In the period between 2005 and 2010, the fund grew at a rate of 22% per annum.[3] Ko was interviewed by Bloomberg during this period, suggesting that the fund had grown to $785 million in October 2010. Some of this return was based on the return from the investment in Brazil during 2009. The Covepoint fund grew almost 63 percent after the fund's management team invested in the country.[3]
In 2011, the fund experienced its largest monthly loss after sticking with a bet that emerging-market currencies would gain against the U.S. dollar.[4] In 2013, Ko took the steps to transform Covepoint into a family office.[5][6] Covepoint made large profits throughout 2015 when they announced that the fund had gained 120% in a single year.[7][8]
References[edit]
- ↑ "Company Overview of Covepoint Capital Advisors LLC". Bloomberg. July 11, 2016.
- ↑ "BlackRock executive joining Covepoint hedge fund". Reuters. July 18, 2008.
- ↑ 3.0 3.1 Williams, Beth; Xie, Ye (October 17, 2010). "Covepoint's Ko Reaps 22% as Emerging Currencies Converge to G-10". Bloomberg.
- ↑ Westbrook, Jesse; Kishan, Saijel (October 6, 2011). "Ko's Covepoint Fund Fell 38% in September on Currency Bets". Bloomberg.
- ↑ Prince, Russ Alan (November 20, 2013). "From Hedge Fund to Family Office". Forbes.
- ↑ Marriage, Madison (October 23, 2015). "Hedge funds' move to become family offices is not entirely popular". Financial Times.
- ↑ Copeland, Rob (December 28, 2015). "A Bold Few Traders Earn Billions Flouting Rivals". Wall Street Journal.
- ↑ La Roche, Julia (December 30, 2015). "One woman blew away her hedge fund peers in 2015 using her own money". Business Insider.
External links[edit]
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