Swiss ALTIN AG picks Tony Morrongiello as new CEO
ALTIN AG, the Swiss alternative investment company listed on the London and Swiss stock exchanges, has announced the appointment of Tony Morrongiello as CEO.
Morrongiello is a highly respected figure in the alternative management industry, with more than fifteen years’ experience of managing funds of hedge funds in Switzerland, Europe and Asia, the firm said.
He has managed or advised a number of alternative investment companies and founded Caliburn Capital Partners, a company which managed funds of theme funds in London, Geneva and Singapore. He also sits on various committees and boards of directors of funds of hedge funds.
Morrongiello’s main objective will be to enhance awareness of ALTIN in the Swiss and European markets, as well as supervising the company’s operations, including fund investments and investor relations.
ALTIN AG was launched in 1996 and ranks among Switzerland’s leading alternative investment companies. It is currently invested in more than 30 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets.
ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group. Morrongiello replaces Eric Syz, who performed these duties as delegate and who will continue to sit on the board of directors.
The company said in a statement that although funds of Ucits funds or managed accounts platforms had challenged investor interest in listed investment companies, “this structure nevertheless affords many advantages”.
The first is its stock-exchange listing, which enables investors to buy and sell daily, backed by the security of the highly regulated framework of the Swiss Stock Exchange (SIX) and the London Stock Exchange (LSE). Another is that an investment company with a fixed capital does not have to deal with redemption requests.
This enables the fund manager to select the best opportunities in terms of risk/return in the hedge funds universe, without being constrained by having to take account of subscriptions or redemptions,” the statement explained.
It continued: “Due to the improvement in the market dynamic, reduction of tail-risk and some very fine opportunities, ALTIN decided a few months ago to begin to take advantage of its stable capitalisation to invest in strategies that are less liquid but offer the prospect of higher returns.”
“The gradual implementation of this change of allocation has already begun. More specifically, exposure to protection strategies has been reduced and overall exposure has been increased, as is underscored by the level of leverage, which currently stands at 121%.