News
Changes in the management of GILD Alternative Funds unit
Tõnis Haavel, GILD Bankers Partner and Head of GILD Alternative Funds unit, has decided to resign from the managerial positions of the fund management companies responsible for the management of GILD’s alternative funds. According to Mr. Haavel, the main reason is that speculations towards him in relation to the investments he has previously made or has contemplated to make, should not affect the work of the unit. One of the Fund Managers of the real estate fund EEREIF, Urmas Laur, will leave the position of the Fund Manager to provide more support to GILD Arbitrage in the management of the hedge fund`s real estate investments.
Rain Tamm, GILD Bankers Managing Partner, believes that changing the role of both key team members is necessary in order to enable everyone to focus on the highest priorities: „GILD Alternative Funds currently has plenty of challenges, one of the most crucial one is changing the structure of GILD Arbitrage and restoring the value of assets, which also demands the full attention and commitment from the Head of the Unit. In addition, the Head of the Fund Management Company is expected to deal more with explaining our actions to clients, cooperation partners and the supervisory authority. Naturally, it is difficult to accomplish in the case of Tõnis, while he must deal with speculations that have nothing whatsoever to do with GILD funds, but have been misleadingly presented in the media. In the current situation one Fund Manager for EEREIF is sufficient, today the experience of Urmas Laur is required more in the management of GILD Arbitrage`s assets"
Tõnis Haavel added: „It might sound contradicting, but it is necessary to withdraw in order to be in a better position to protect the investors. Speculations raised against me during a longer period of time have started to interfere with my colleagues' daily, extremely complicated and often delicate work with the management of investments."
The acting Head of GILD Alternative Funds Unit will be Rain Tamm and Jaanus Juss will join the Supervisory Board of EEREIF`s Fund Management Company. Gren Noormets will continue as the Fund Manager of EEREIF, the position he joined next to Urmas Laur already in July.
GILD Alternative Funds is a specialized alternative investment manager with dedicated teams for managing asset based investing and lending investments, private equity and real estate investments. GILD Alternative Funds manages multi-strategy hedge fund GILD Arbitrage and real estate fund EEREIF. Recently GILD Arbitrage successfully completed a bond issue directed to the creditors of the fund, marking the successful conclusion of the restructuring of fund's loan obligations. As a result of the issue 99% of claims against GILD Arbitrage were converted to three-year bonds. Fund continues to work with investments and make preparations for the general meeting of fund unit holders that will take place on October 22nd, 2009.
For further information, please contact:
Kadri Kütt
Communication Manager
GILD Bankers
+372 56 800 467
kadri.kytt(at)gildbankers.com