Evercore Wealth Management just launched a new mutual fund designed to take advantage of global volatility thanks to government and central bank action. Today the New York-based fund firm unveiled its Macro Opportunity Fund (EWMOX), an extension of its nearly three-year-old diversified market hedges strategy [see prospectus].
"This strategy has been an important part of our clients' balanced portfolios since its inception in the depth of the market crisis," stated Jeff Maurer, CEO of Evercore.
Partner John McDermott serves as lead PM for the new fund, a team that also includes chief investment officer John Apruzzese, partner Judy Moses and Brian Pollak. The fund costs 146 basis points.
Cohen Fund Audit Services is the new fund's independent accounting firm; Quasar Distributors serves as its principal underwriter; and U.S. Bank is its administrator, custodian, dividend paying agent, shareholder servicing agent and transfer agent.
Evercore Wealth Management, founded three years ago, boasts about $2.9 billion. It's connected to Evercore Trust Company, which works with $35.3 billion. And Evercore Wealth Management is a subsidiary of Evercore Partners, an investment bank.
Company Press Release
NEW YORK, Nov 07, 2011 -- Evercore Wealth Management today announced the launch of the Evercore Wealth Management Macro Opportunity Fund (EWMOX), which seeks to profit from the investment risks associated with changes to global monetary and fiscal policy.
The fund is an extension of the firm's Diversified Market Hedges strategy that strives to preserve investor assets and reduce portfolio volatility in periods of economic uncertainty, without sacrificing capital appreciation. This strategy was developed by Evercore Wealth Management in January 2009 as a tactical overlay for individual client portfolios. The firm continues to deploy the strategy extensively in its customized asset allocation for clients.
"In launching the Macro Opportunity Fund, we are making our distinctive Diversified Market Hedges strategy available to a broader range of individual and institutional investors," said Jeff Maurer, chief executive of Evercore Wealth Management. "This strategy has been an important part of our clients' balanced portfolios since its inception in the depth of the market crisis. It seems to us at least as relevant now as it was then."
The Macro Opportunity Fund's managers are able to access vehicles that can invest long and short in a wide range of assets, including sovereign and corporate debt, currencies, commodities and equities.
John McDermott, the lead manager of the Macro Opportunity Fund, said: "While policymakers can support any asset class they choose, support must come at the expense of another asset class and this cost is often unnoticed initially by investors. We invest to protect the core asset class or asset classes most at risk from policy intervention and seek to do so as inexpensively as possible. "
About the portfolio managers:
John McDermott is a Partner and Portfolio Manager at Evercore Wealth Management in New York and the lead manager of the Diversified Market Hedges strategy and the Evercore Wealth Management Macro Opportunity Fund. He joined the firm at its inception in November 2008 and has 14 years of investment experience, including ten years as a fund manager at U.S. Trust and Columbia Management. He earned a BA at the University of Notre Dame and is a CFA charterholder.
Brian Pollak is a Fixed Income Portfolio Manager, responsible for managing taxable bond investments for both individuals and institutions at Evercore Wealth Management in New York. He also serves as a co-manager of the Diversified Market Hedges strategy. He joined the firm in 2009 from AIG Investments and has eight years of experience as an investment manager. Mr. Pollak earned a BA at the University of Pennsylvania and an MBA from Columbia University; he is a CFA charterholder.
Judy Moses is a Partner and Equity Portfolio Manager at Evercore Wealth Management in San Francisco, as well as a member of the Diversified Market Hedges Committee. Ms. Moses joined the firm in 2009 with 19 years of experience in the financial services industry managing investment portfolios for high net worth families and institutional clients at U.S. Trust and, previously, at the Charter Financial Group in Washington, D.C. She earned a BA from the University of California at Berkeley and an M.B.A. from Georgetown University's McDonough School of Business; she is a CFA charterholder.
John Apruzzese is a Partner and the Chief Investment Officer at Evercore Wealth Management; he also serves as a member of the Diversified Markets Hedges Committee. Mr. Apruzzese joined the firm in 2009 with 24 years of experience in managing balanced investment portfolios for high net worth individual and family clients at U.S. Trust. He was previously on the staff of the U.S. Senate Labor and Human Resources Committee and worked on federal budget matters. Mr. Apruzzese received his BA from Bucknell University and MBA from New York University; he is a CFA charterholder. He is based at the firm's headquarters in New York.
For further information on the Evercore Wealth Management Macro Opportunity Fund, please visit: www.evercorewealthfunds.com .
About Evercore Wealth Management
Evercore Wealth Management, LLC, a subsidiary of Evercore Partners Inc., serves high net worth individuals, families and related institutions, delivering customized investment management, financial planning, trust and custody services. Evercore Wealth Management is a registered investment advisor, with offices in New York, Minneapolis and San Francisco. The firm, which was founded in November 2008, manages client assets totaling $2.9 billion, as of September 30, 2011. Additionally, Evercore Wealth Management offers personal trust services to its clients though Evercore Trust Company, N.A., a chartered national trust bank with $35.3 billion in assets under administration, as of June 30, 2011. More information about Evercore Wealth Management and its team of advisors can be found at www.evercorewealthmanagement.com .
About Evercore Partners
Evercore Partners is a leading independent investment banking advisory firm. Evercore's Investment Banking business advises its clients on mergers, acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and also provides institutional investors with high quality research, sales and trading execution that is free of the conflicts created by proprietary activities; Evercore's Investment Management business comprises wealth management, institutional asset management and private equity investing. Evercore serves a diverse set of clients around the world from its offices in New York, Boston, Chicago, Houston, Los Angeles, Minneapolis, San Francisco, Washington D.C., London, Aberdeen, Scotland, Mexico City and Monterrey, Mexico, Hong Kong and Rio de Janeiro and Sao Paulo, Brazil. More information about Evercore can be found on the Company's website at www.evercore.com .
The Evercore Wealth Management Macro Opportunity Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling (800) 443-4693. Read it carefully before investing.
Mutual fund investing involves risk. Principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Investment by the Fund in lowerrated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund regularly makes short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Because the Fund invests in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETFs shares may trade at a discount to its net asset value, an active secondary market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares. Derivatives, including futures, swaps and forward foreign currency contracts, may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to risk assumed.
Not FDIC Insured - No Bank Guarantee - May Lose Value