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Friday
Nov. 27, 2015
www.bloombergbriefs.com

Round Table Seeks Equity, Event-Driven Funds NUMBER OF THE WEEK


BY HEMA PARMAR Amount raised by
Round Table Wealth Management, the $1 billion New York- Leda Braga's
based investment adviser and wealth manager, is seeking European Systematica Investments for the
long-short and event-driven managers, according to chief Systematica Alternative Markets fund.
investment officer and partner Robert Davis.
Concerns over global growth, debt issues and the refugee crisis INSIDE
in Europe will lead to increased volatility in the regions equity
markets, Davis said in a telephone interview on Nov. 19. Europe's BREXIT: We profile the main players
accommodative monetary policy may also help stocks that already arguing for and against U.K. membership
have a currency advantage, he said. of the European Union. The vote is due
Robert Davis
"Something that we've discussed internally at Round Table is if to be held by the end of 2017.
large-cap U.S. companies that have multi-national revenue sources
have headwinds from currency from the stronger U.S. dollar, then there must be a THE SHORT OF IT: Och-Ziff Capital
winner on the other side," Davis said. "Perhaps that could be some European Management and Man Groups GLG unit
companies that now have a currency advantage over the competition." were among at least five funds to profit
Long-short equity funds have returned 0.7 percent this year to the end of October, as Abengoa's shares plunged on Nov. 25.
according to Chicago-based data provider Hedge Fund Research, while event-driven
funds have declined 1.4 percent year-to-date. European funds returned 4.4 percent on MILESTONES: London-based Solo
the first 10 months of the year, according to a report by Preqin. This compares with a Capital Partners is to be closed down.
7.5 percent gain from Asia-Pacific funds and 1.7 percent from North American funds.
Round Table is also seeking distressed funds to take advantage of "attractively RESEARCH ROUND-UP: 2015 is on
priced" high-yield and leveraged loans that have become cheaper due to the sell-off track to have the least number of
earlier this year. Default rates and bankruptcies, particularly in the energy space, could commodity trading adviser fund launches
grow and if so, present "a compelling opportunity," Davis said. since 2006, according to a report by
Distressed hedge funds dropped 5 percent in 2015 through October, putting them on Preqin.
pace for their worst year since 2008, when they lost 25 percent. Theyre lagging behind
hedge funds across indexes, which are flat for the year, according to Chicago-based SPOTLIGHT: Klaus Umek, founder of
data provider Hedge Fund Research. London-based Petrus Advisers, on why
Round Table is seeking funds that manage at least $500 million, Davis said. The firm German real estate has been a profitable
typically allocates to managers that have a track record of at least two years. The due theme for the activist firm.
diligence process takes about three months.
(NOTE: Corrects spelling of Robert Davis.)

NEW MANDATES: EVENT-DRIVEN FUNDS


BY MELISSA KARSH
There were 39 searches for event-driven funds by
institutional investors last quarter, corresponding to about 35
percent of all hedge fund searches, according to data
compiled by Bloomberg. This is the most searches seen in a
quarter since Bloomberg began tracking the data in the third
quarter of 2013, which included 15 such searches, the data
show.

Institutional mandates for hedge funds are now available on
the Bloomberg terminal via MND<GO>. Access is provided to
Bloomberg Anywhere clients at buyside firms. Contact your
sales representative for questions about accessing the
function. For more information about Bloomberg Mandates,
send an e-mail to mandates@bloomberg.net.

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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 2

RETURNS IN BRIEF
The Credit Opportunities Fund, October Returns
managed by Danish firm Capital Four
Management Fondsmaeglerselskab,
returned 1.9 percent in October, bringing
year-to-date returns to 4 percent, co-
founder Sandro Naef said in an e-mail.
The 56 million euro ($60 million)
European credit fund gained 11 percent
last year.

Swiss Hedge Capital's Granada


Europe Fund declined 1.6 percent last
month, paring year-to-date returns to 1.7
percent, chief investment officer
Andreas Zehnder said in an e-mail. The
Zurich-based Europe-focused long-short
equity fund manages 62 million Swiss
francs ($61 million).

Ecofin Vista Long Short Fund, a $103


million fund in London, returned 3.6
Year-to-Date Returns to End-October
percent in October, increasing this year's
gain to 8.6 percent, Marketing Director
Georgina Spry said in an e-mail. Ecofin
Holdings' fund, managed by Matthew
Breidert, declined 0.2 percent last year,
she said. It has a European long-short
equity strategy focused on environmental
themes.

Macquarie Bank's European Alpha


Fund declined 1.4 percent last month,
paring year-to-date returns to 3.8
percent, co-manager Nick Bird said in
an e-mail. The European market-neutral
fund, part of a $792 million strategy,
gained 9.6 percent last year, Bird said.
The fund is co-managed by Bird and
Andrew Alexander.
Compiled by Will Wainewright

*Returns are to Oct. 16; **Returns are to Oct. 9


Funds not mentioned in the accompanying text on this page were reported in other issues of the
BRIEF. For questions, e-mail dshah165@bloomberg.net.

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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 3

BREXIT REBECCA SPONG, BLOOMBERG BRIEF


Titans of Business Face-Off Over U.K.'s Future in the EU
U.K. Prime Minster David Cameron has said a referendum on Britain's membership of the EU will be held by the end of 2017
though a date hasn't been set yet. In a nutshell, those keen to cut ties with the bloc say that excessive Brussels bureaucracy is
hindering the economy as are the millions of pounds the country contributes to the EU that could be better spent elsewhere. Those
eager to stay argue that the U.K. risks losing the free trade access it has to European markets and status in shaping world affairs.
Bloomberg Brief profiles some of the key figures in both camps:

Let's Stay We Need to Leave
David Harding, CEO of Winton Capital Management Peter Cruddas, CEO of CMC Markets
This is a vital campaign for the future of Peter Cruddas gave 1 million pounds ($1.51
Britain which I couldnt stand by and watch million) to the campaign for Britain to leave the
from the sidelines, David Harding said in a EU. Vote Leave confirmed the donation in mid-
statement, following news that the hedge fund November which was reported in the Financial
owner joined the board of Britain Stronger In Times, citing an interview with Cruddas. He is
Europe and will be co-treasurer and chair of also a member of the Business for Britain's
its finance committee. Harding founded what board. Cruddas resigned from his role as co-
is now one of Europe's biggest hedge fund Source: Patrick T
treasurer of the Conservative Party in 2012.
firms which manages $30 billion of assets. Source: Vote Leave
Fallon/Bloomberg

John Armitage, founder of Egerton Capital Michael Hintze, founder of CQS Management
Another hedge fund founder joining the pro-Europe debate is Michael Hintze is said to be considering a
John Armitage founder of Egerton Capital. The company has "generous donation" to the campaign to exit
about $15 billion in assets under management. According to The the EU, according to The Financial Times.
Financial Times, he is giving a "six-figure" amount to the CQS declined to comment on the report when
campaign. The newspaper didn't specify the source of the contacted by Bloomberg News. Hintze is a
information. The company declined to comment on the story member of the Business for Britain's Advisory
when contacted by Bloomberg. Council. He has donated to the Conservative
party. Source: P.T.Fallon/
Stuart Rose: chairman of Ocado Bloomberg
"The choice in the coming referendum is
Crispin Odey, founder of Odey Asset Management
between remaining stronger, safer and better
Crispin Odey is the founding partner and
off inside Europe, or taking a leap into the
portfolio manager at Odey Asset
unknown, risking our prosperity, threatening
Management, which manages more than $11
our safety, and diminishing our influence in the
billion. He is a longtime Conservative Party
world, said Stuart Rose, former executive
donor and told Bloomberg News in mid-
chairman of Marks & Spencer, at the launch of
November that he questioned whether "we
the Britain Stronger in Europe campaign last
want to be part of a Europe that keeps
month. He's the chair of the group. Rose sits Source: D. Kitwood /
Getty Images mangling us." He said he favored transforming
as a Conservative member of the House of
the wide-ranging EU into a much narrower
Lords. Source: Odey Asset
trade pact. Management
Karren Brady, vice-chairman of West Ham Football Club
Karren Brady is a board member of Britain John Mills, founder of JML
Stronger in Europe. She also sits in the House John Mills is the founder of mail order retail
of Lords. "Of course the system can be company JML and the Labour Party's largest
tightened. So it is essential to be in the room private financial backer. He is one of three
at the top table arguing for change as the treasurers for the Vote Leave campaign. "If we
Prime Minister is rightly doing," she writes in vote to leave the EU we will be able to trade
an article for The Sun, arguing the U.K. should freely with the EU and have friendly
stay in the bloc so it can retain a voice in key cooperation. The U.K. will regain legal control
negotiations. of things like trade, tax, economic regulation
Source: Gordon and energy," he said following the launch of Source: Vote Leave
Poole Agency
the campaign in early October.
Roland Rudd, founder and chairman of Finsbury PR Stuart Wheeler, founder of IG Group
Roland Rudd is also on the board for the Britain Stronger in Stuart Wheeler is the founder of spread betting firm IG Group.
Europe campaign. "We'd would lose influence by being outside He was a significant donor to the Conservative Party before
the EU, and we'd lose influence within the EU," he said during moving to become treasurer of Ukip. He is one of three
an interview with Bloomberg TV on Oct. 12. treasurers for the Vote Leave campaign.
With reporting by WIll Wainewright
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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 4

LAUNCHES
Braga's Systematica Raises yield higher returns. month it is selling most of its stake in
Specialist alternative markets appear Systematica to Affiliated Managers
$450 Million for New Fund to be less susceptible to broader macro Group.
Leda Bragas Systematica concerns, Braga, 49, said by e-mail. Nishant Kumar
Investments has raised about $450 They can act as a powerful diversifier to
million for a new fund that trades in less traditional forms of trend following.
liquid markets such as interest rate SAM will trade financial instruments
Aventicum Capital Starts
swaps and emerging market currencies. such as equity swaps in European UCITS Fund
The third product overseen by the firm utilities, emerging market currencies and Aventicum Capital Management, a
increases assets under management to credit indexes. The fund lost 0.87 percent money manager owned by Credit Suisse
$9 billion, Declan Ryan, head of investor in October, according to a letter to Group and Qatar's sovereign wealth
relations at Systematica, said in a investors seen by Bloomberg. That fund, started a UCITS fund on Oct. 23,
telephone interview. The firm plans to compared with a 1.2 percent decline in external spokeswoman Henrietta Dehn
eventually manage $2 billion in the new the Eurekahedge CTA/Managed Futures said in an e-mailed statement.
fund, which started in October, Ryan said. Hedge Fund Index. The Aventicum UCITS Absolute
The Systematica Alternative Markets Trend-following hedge funds such as Return European Equity Fund bets long
(SAM) fund follows mathematical models SAM and BlueTrend managed $238 and short on stocks in Europe. It is
to determine when to buy or sell a billion at the end of October, according to managed by a Geneva-based investment
security or financial contract, similar to its data compiled by researcher team comprising Chief Investment Officer
main BlueTrend fund. The new fund will, Eurekahedge. Riccardo Cavo and portfolio managers
however, avoid more popular trades such Braga left Michael Platts BlueCrest Andrea Buda and Barry Kelly.
as WTI, Brent crude, S&P futures, U.S. Capital Management in January to found Dehn declined to comment on
Treasuries and Japanese government Jersey, Channel Islands-based Aventicum's assets under management.
bonds as it bets less liquid markets will Systematica. BlueCrest said earlier this Will Wainewright


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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 5

THE SHORT OF IT
Och-Ziff, Man Group Gain as Abengoa Shares Slide
Och-Ziff Capital Management and Short Interest in Abengoa Nears Highest Level of the Year
Man Groups GLG unit were among at
least five hedge funds to profit as
Abengoa, a Spanish renewable-energy
company, fell as much as 69 percent on
Nov. 25.
Abengoas B shares plunged after the
Seville-based company said it would
seek preliminary protection from creditors
following the breakdown of talks with a
new investor. A spokeswoman for
Abengoa declined to comment.
Five money managers, including New
York-based Och-Ziff and London-based
GLG, have had their short positions on
Abengoa disclosed by Spanish
regulators. The others are Sothic
Capital Management, TT International
and Carmignac Gestion, all based in
Europe.
Spokesmen for Man Group, Sothic and
Carmignac Gestion declined to comment. to 9.3 percent of shares outstanding, IBEX 35 Index after Distribuidora
A spokesman for Och-Ziff couldnt near the highest level of the year, Internacional de Alimentacion and Indra
immediately comment, while an e-mail according to data compiled by Markit. Its Sistemas.
and voicemail sent to TT International the most shorted stock on the benchmark Will Wainewright, with assistance from Cecile
partner Eric Mackay werent returned. Vannucci
Short interest in Abengoa has increased


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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 6

MILESTONES
Solo Capital Partners to Close Amid Reports of Probe RESEARCH ROUND-UP
Solo Capital Partners is to be closed down, according to a statement on the firms
website, amid reports of a probe into its activities by Danish prosecutors.
Solo Capital is in the process of an orderly wind-down and isnt taking on any new U.K. asset managers face bigger
business, the London-based fund said on its website, without giving further details. risks than banks to their valuations if
Denmarks Serious Fraud Office is investigating whether about 6.2 billion kroner ($880 Britain leaves the European Union
million) in withholding tax refunds were fraudulently claimed by a network of foreign and some firms may move overseas
companies on nonexistent shareholdings, according to Aug. 25 statement from the if the vote is carried, Morgan Stanley
Customs and Tax Administration (SKAT). wrote in a report on Nov. 24. Hardest
Solo Capital Partners was named as one of the firms being probed by the countrys hit will be managers of UCITS funds,
prosecutors by The Wall Street Journal, in a report earlier this month. None of the analysts including Huw van Steenis
accused companies or individuals have so far been named by Danish authorities. and Bruce Hamilton wrote in the
No one was immediately available to comment at the firms London office. report. While UCITS funds are
Matthew Martin already domiciled and regulated
within Europe, the teams of fund
Numen Credit Opps Fund Marks Seven Years managers are typically not, the report
said. That could lead to higher
Numen Capital's Credit Opportunities Fund achieved its seven-year track record last transactional costs and a need for
month. The 262 million euro ($279 million) fund, managed by Numen Chief Investment more investment staff, while country-
Officer Filippo Lanza, started on Oct. 31, 2008. by-country distribution arrangements
It declined 1 percent last month, paring year-to-date returns to 4.3 percent, the firm's may have to be set up adding to the
head of investor relations, Nikos Kargadouris, said in an e-mail. The fund returned 1.6 managers expenses. Britain has the
percent last year. second-largest asset management
Will Wainewright industry in the world with significant
earnings for U.K., the analysts
wrote. A vote to leave could
ON THE MOVE potentially be so disruptive that some
U.K.-based fund houses would be
UBS Names Fitzpatrick to Lead Combined Fund looking at the option of moving their
domicile.
UBS Group named Dawn Fitzpatrick to run a new unit within its asset management Sarah Jones
business.
Fitzpatrick, head of the UBS OConnor hedge fund business, will oversee a new unit Fifty commodity trading adviser
that combines the hedge fund, equities and multi-asset investing operations, according funds were launched in the first nine
to an internal memo seen by Bloomberg. A spokesman for Zurich-based UBS confirmed months of this year, putting 2015 on
the contents of the memo. track to have the least number of
Donal Griffin and Stephanie Ruhle CTA launches since 2006, according
to a report by Preqin. The proportion
of CTAs launches to all hedge fund
Ex-Saba Partner Andiorio Said to Join Arrowgrass launches has also decreased to 9
Paul Andiorio, a former partner at Saba Capital Management, joined Arrowgrass percent, the lowest level since 2006.
Capital Partners as head of U.S. credit, according to people familiar with the move. "CTAs are operating in a challenging
Andiorio, who left Boaz Weinsteins $1.6 billion firm in July after six years, will work environment with a fall in commodity
with other former Saba employees at the U.K.-based hedge fund including Kevin Bell, prices, poor performance and
said the people. Bell started as head of credit risk in August, one of the people said. declining investor sentiment," Preqin
Andiorio didnt return messages seeking comment. Nick Lord, a spokesman for said. "The decline in new fund
Arrowgrass, declined to comment on the hirings. launches may be a result of fund
Arrowgrass is run by former Deutsche Bank traders Henry Kenner and Nicholas Niell managers focusing on existing
. The firm, which managed $4.8 billion at the end of last year, focuses on strategies products before taking new funds into
including corporate distressed assets in the U.S. and Europe. the currently troublesome market."
Andiorio was co-head of an internal trading group that Weinstein co-founded at Darshini Shah
Deutsche Bank. Weinstein left the bank to start his hedge fund in 2009 and Andiorio,
who had previously worked at Goldman Sachs Group, joined him.
Sarah Mulholland and Saijel Kishan, with assistance from Katherine Burton

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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 7

SPOTLIGHT
Activist Investor Petrus Monitors German Real Estate
Immobilien Invest is a residential real a number of situations in Poland and
Klaus Umek, founder of London-based Petrus estate company we have watched and certain underperformers in European
Advisers, spoke to Bloomberg's Will Wainewright analyzed closely for several years. financials. We shorted Praktiker, a DIY
about why German real estate has been a Earlier this year, we were involved in a chain in Germany, all the way into them
profitable theme for the activist firm and why campaign to remove the company's chief being unwound.
activists have to be more "diplomatic" in Europe executive officer and entire supervisory
versus the U.S. Comments have been edited and board, and also helped fend off a Q: How does activism in Europe differ
condensed. takeover offer by Deutsche Wohnen that to the U.S.?
we deemed unrealistic. Shares have A: Activism in the U.S. is far more
risen from less than 10 euros to more advanced there were about 260 public
Q: Tell me about Petrus Advisers. than 13 euros this year. campaigns in the U.S. last year,
A: I founded Petrus in London in October compared with 34 in the European
2009, prior to which I spent 13 years at Q: Any others? Union, half of which were in the U.K.
Goldman Sachs, where I headed A: In Germany, we invested successfully, That puts it into perspective. There is
investment banking in Central Europe without activist involvement, in Patrizia probably a time gap of 10 to 15 years
and Austria. Petrus Advisers now Immobilien, which went from a real before Europe catches up. The more
employs 12 people and manages 220 estate company to an asset manager. direct, aggressive approach is better-
million euro ($235 million), mainly via the The transformation was successful and suited to the U.S., which is more of a
Petrus Advisers Special Situations Fund. the company has expanded into several capitalist market compared with Europe,
It is up about 30 percent this year new countries, for instance by buying where business is more consensus-
through Nov. 18 and has annualized care homes in the U.K. We have made driven. There is more government and
about 17 percent since starting. We also about 130 percent on that investment this old family involvement in Europe, which
have offices in Frankfurt and Bratislava. year. taken together means you have to be
more diplomatic.
Q: Do you plan to start any new funds? Q: What about on the short side?
A: We started a UCITS version of our A: We short companies when we see Q: How is your firm's approach
main strategy in August, which currently broken or questionable business models. distinct?
manages 11 million euros ($12 million). We use a combination of macro shorts to A: Our capabilities across Europe, local
Today, our strategy and company set-up hedge exposure, and stock specific knowledge of markets and ability to
has a capacity of 2 billion euros. We take shorts to generate alpha. However, we catalyze value in our portfolio companies
long and short positions in companies do not campaign publicly on these is what makes us distinct. We pride
based in European countries. Petrus is positions. This would not be well- ourselves on speaking all the languages
an activist investor and proactively works received in Europe, which has a different of Europe and made diversity the top
with management teams across our attitude toward activists compared with priority for recruitment. Almost 40 percent
portfolio of companies. We always intend the U.S. We care about our reputation of our team are women. Speaking to
to become a friendly partner and and think publicly campaigning on shorts people in their native language is
advisers to companies, but can, if could damage it. Petrus has seen extremely helpful when dealing with
needed, take a more direct approach and opportunities where we could have done companies across Europe. Having a
utilize our shareholder rights to replace so but chosen not to. We were short diverse and multicultural team allows us
management, engage into proxy fights Rocket Internet and to never pick a fight too far.
and bring change. We have done that,
but always prefer the friendly route first.
We aim to hold at least 3 percent of the
companies we work with, and target firms Age: 43
with a market capitalization of between 1 Nationality: Austrian
billion and 3 billion euros. Education: Vienna University of Economics and Business, HEC
business school in Paris, the London School of Economics and
Q: Which investments have paid off University of Chicago
for you? Career: Goldman Sachs (1996 - 2009). Founded Petrus in 2009
A: The theme of German real estate has Hobbies: Skiing, weights, rowing, literature
been profitable for Petrus. Conwert Favorite films: Pretty Woman, Savages, Shakespeare in Love


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Nov. 27, 2015 Bloomberg Brief Hedge Funds Europe 8

CALENDAR
DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE LOCATION
Institutional & alternative Lending Grand Connaught
Dec. 1-2 Euromoney Thomas Kyriakoudis, Permira
Conference Rooms, London
Grand Hotel
Dec. 2 Shorex Wealth Management Forum Available for registrants.
Kempinski, Geneva
Sohn
Jim Chanos; Richard Pzena; Carson Block; Marc Lasry; Mala Gaonkar, Grosvenor Square,
Dec. 3 Conference London Investment Conference
Lone Pine Capital; Ali Hedayat, Indus; Mans Larsson, Makuria. London
Foundation
Hedge Funds
The Dorchester,
Dec. 3 Care|Help for HFC UK 10th Annual Gala Charity event
London
Children
25 Berkeley Square,
Dec. 17 HedgeBrunch Classic London Available for registrants.
London
Guy Hands, Terra Firma; David Rubenstein, Carlyle Group; Stuart Roden,
Student Conference on Hedge Funds
Jan. 18-19 LSE Lansdowne Partners; David Bonderman, TPG Capital; Marriott London
& Private Equity
Anthony Scaramucci, SkyBridge Capital
Grosvenor House
Jan. 21 Eurohedge Eurohedge Awards for 2015 To be announced.
Hotel, London
Opal Financial European Family Office Winter London Hilton on
Feb. 8-9 Available for registrants.
Group Symposium Park Lane
March 2 EY Luxembourg Hedge Fund Practice Available for registrants. Luxembourg
Family Office The Waldorf Hilton,
March 9 Family Office Investment Summit Available for registrants.
Intelligence London
HedgeFund Palais de la Bourse,
April 26-17 European Summit 2016 To be announced.
Intelligence Paris
Hotel Vier
June 1-2 Terrapinn Quant Invest 2016 To be announced. Jahreszeiten
Kempinski, Munich
InterContinental,
June 6-9 ICBI FundForum International 2016 To be announced
Berlin
Hotel Okura,
June 20-22 ICBI GAIM 2016 To be announced.
Amsterdam

Bloomberg Brief: Hedge Funds Europe


Bloomberg Brief Managing Editor Hedge Funds Editor Contributing Reporters 2015 Bloomberg LP. All rights
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