(November 18 – 11:00 ET) – When former BPI Financial Corp. founder Jim McGovern left the scene soon after BPI was bought by C.I. Fund Management Inc. many assumed he was pushed. But today C.I. is announcing that it will form a strategic partnership with McGovern to expand its offshore fund management business.
C.I. says it has signed a binding letter of intent with McGovern. He will purchase a majority interest in BPI International Funds Management Inc., a subsidiary of C.I., a Barbados-based manager and distributor of alternative investment funds. The deal is expected to close by the end of November.
McGovern and C.I. plan to grow assets in its offshore funds by expanding distribution and offering a wider selection of hedge funds, adding new funds and new managers. One possibility is an offshore version of the BPI American Opportunities Fund.
BPI International currently manages the BPI Global Opportunities Fund Inc., a Cayman Islands-based fund with $22 million US in assets. BPI Global Asset Management LLP of Orlando, Florida, another C.I. subsidiary, is portfolio advisor to the fund.
-IE Staff
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