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Coastal Partners Ready to Sail with Energy Fund

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HOPKINTON, Mass. (–Under the guidance of veteran portfolio manager Wayne Nordberg, Coastal Partners Ltd. will launch its Energy Opportunity Fund May 1.

The fund will take a long/short approach to investing in a diverse, global mix of equities and options of companies in the energy and commodities businesses. Energy will constitute about 75% of the portfolio, with positions in issues in commodities such as coal and uranium making up the rest. The fund will not hold commodities directly but may hold options on them.

Mr. Nordberg, of Ingalls & Snyder LLC in New York, will act as chief portfolio manager for the fund through an advisory relationship with Ingalls & Snyder. He has more than 40 years of management experience in money management and energy research. He has served on the board of several energy companies and came to Ingalls & Snyder after overseeing the family of 30 Lord Abbett Mutual Funds, with US$28 billion in assets under management.

In managing the Energy Opportunity strategy for US$200 million in separate accounts for private clients, Mr. Nordberg has achieved average annual returns of 28% over the last four years, according to Coastal Partners.

The fund will launch with about US$50 million in dedicated investments.

The Coastal Partners product originally was to open to investors March 1. That date was pushed back as the fund took time to market and raise initial capital, which has risen from an initially announced US$10 million, according to Daniel McDermott, managing director.

Fees for the fund are 2% for management and 20% for performance, with an investment minimum of US$100,000. Liquidity is monthly.

Administrator for the Bahamas-registered fund is Sterling Management Ltd., Nassau, Bahamas. The auditor is KPMG, Nassau, and the principal broker and custodian is Bear Stearns, New York.

Coastal Partners also offers the Emerging Growth Fund.

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Contact Bob Keane with questions or comments at: [email protected].


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