WEISS MULTI-STRATEGY ADVISERS LLC


General Description of Advisory Firm A. Describe your advisory firm, including how long you have been in business. Identify your principal owners. Weiss Multi-Strategy Advisers LLC (the “Adviser”) is an affiliate of George Weiss Associates, Inc. (together, with their affiliates and predecessors, the “Firm”). George A. Weiss, the Chairman and Chief Executive Officer of the Firm, founded George Weiss Associates, Inc., formerly an SEC and NASD registered broker/dealer, in 1978. The original business was built around brokerage and trading, especially in domestic utility company names on behalf of institutional investors. In 1986, the Firm entered the hedge fund business. In the mid-1990s, the Firm initiated a proprietary investment operation. For the better part of a decade, the Firm focused increasingly on managing the capital of its principals and it wound down the hedge fund business. This proprietary endeavor proved successful and facilitated a substantial expansion of the enterprise. The Firm was reorganized in 2005 and the Adviser was created as the investment advisory entity which would manage the Firm’s private investment funds, registered investment companies, managed accounts and proprietary capital. The Adviser became registered as an investment adviser with the SEC in March 2010 and registered as a commodity pool operator with the CFTC and NFA in January 2013. The Adviser is majority-owned by GWA, LLC, a Connecticut limited liability company. GWA, LLC, in turn, is majority-owned by Weiss Family Interests LLC, which is majority- owned by various Weiss family trusts. A substantial number of the Adviser’s employees also own minority interests in GWA, LLC. Description of Advisory Services (including any specializations) B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. The Adviser acts as a discretionary investment adviser to a number of private investment funds organized by the Adviser, two registered investment companies, and a number of managed accounts owned by institutional investors over which it exercises sole investment discretion. On behalf of its clients, the Adviser invests and trades in a wide range of U.S. and non-U.S. equities, fixed income securities, convertibles, options, other derivatives such as swaps, credit default protection and contracts for differences, futures, debt instruments and other types of financial instruments. In connection with its client’s trading, the Adviser employs short-selling techniques and may utilize leverage and/or make margin purchases. There are generally no restrictions on the Adviser’s use of leverage or borrowing, other than those which may be imposed by applicable statutes and regulations or by the owner of a separately managed account. Availability of Tailored Services for Individual Clients C. Explain whether (and if so how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. The Adviser does not tailor its advisory services to the individual needs of clients. Its accounts, however, may have specific investment objectives or use varying investment strategies. By way of background, the Adviser’s clients fall into the following categories: 1. Weiss traditional private investment funds: Weiss Multi-Strategy Partners LLC; Weiss Multi-Strategy Partners (Cayman) Ltd.; Weiss Insurance Partners (Cayman) Ltd. 2. separately managed accounts for institutional investors 3. proprietary capital 4. a registered investment company wholly owned by the owner of Weiss Insurance Partners (Cayman) Ltd. 5. charitable accounts, including the Say Yes Charitable Account 6. alternative balanced risk products, including separately managed accounts and an open- end mutual fund 7. Stand-alone, single strategy private investment fund, Weiss Enhanced Global Macro Fund LLC 8. Sub-Adviser to two registered investment companies and a separately managed account utilizing a “diversified equity” strategy (the “Diversified Equity Funds”) Client types 1, 2, 3 and 4: The Adviser generally conducts the investment trading program for these clients in a similar manner albeit at different allocation weightings in certain strategies. Investors in the separately managed accounts have also placed certain restrictions on the strategies, securities and types of securities in which they invest. In addition, the Firm’s proprietary capital also may be invested in unseasoned “incubator strategies” or sub- strategies that may or may not mature into strategies suitable for the other client types. It may also invest in certain ancillary strategies that the Adviser does not believe appropriate for trading for its other clients due to their risk profile. The inflows and outflows of capital will also differ for each client, which may result in different investment activity among the private investment funds, the separately managed accounts and the proprietary capital account. The performance of the traditional private investment funds, the separately managed accounts, the proprietary capital account and the registered investment companies may not be similar due to the above factors and due to the fact that the respective clients may use different leverage. Client type 5: The Adviser also manages two accounts for charitable organizations founded by George Weiss that have a different investment strategy and portfolio manager than that of the other clients. One of the accounts, the Say Yes Charitable Account, receives U.S. IPOs attributable to the trading by the proprietary capital account.

Client type 6: The alternative balanced risk products utilize an actively managed strategy that seeks to provide exposure to an equity, debt and a multi-strategy long/short portfolio using a balanced risk allocation methodology. This approach combines a conventional risk parity investment approach (i.e., a “long only” portfolio consisting of traditional risk parity exposures) with a diversified, multi-strategy investment approach (i.e., an “alpha” portfolio). The Adviser aims to structure the portfolio on a risk-weighted basis, an allocation model that stresses each asset portfolio’s contribution to risk rather than specific dollar amounts or expected returns. The risk parity approach will seek to balance risk across asset classes through long-only exposures primarily to equities and debt. The alpha portfolio, on the other hand, consists of a top-down risk-weighted allocation to a long/short portfolio (subject to a maximum allocation constraint on the alpha portfolio), which combines sector-specific equity long/short, credit and cross asset strategies. The inflows and outflows of capital will also differ for each of these clients, which may result in different investment activity among the product offerings. The performance of these clients may not be similar due to the above factors and due to the fact that different risk balance thresholds may be used for each product and the strategies invested in by each product may be different. Different leverage factors may also be used among products which will also cause returns to differ. Client type 7: The Adviser manages a single strategy, stand-alone private investment fund, Weiss Enhanced Global Macro Fund LLC (“Weiss Enhanced Global Macro Fund”). Weiss Enhanced Global Macro Fund uses a long/short global macro strategy to seek to provide investors attractive returns with low correlation to bond and equity markets and non-traditional asset classes. Client type 8: The Adviser acts as sub-adviser to the Diversified Equity Funds. These funds employ a long/short diversified equity strategy that seeks to provide attractive absolute returns while managing risk to preserve capital, minimize volatility, and maintain liquidity. Wrap Fee Programs D. If you participate in wrap fee programs by providing portfolio management services, (1) described the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. The Adviser does not participate in wrap fee programs. Client Assets Under Management E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2019, the Adviser managed approximately $ 2,702,724,207 in net assets on a discretionary basis and did not manage assets on a non-discretionary basis. This amount may include notionally funded assets with respect to separately managed accounts. please register to get more info

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Assets
Pooled Investment Vehicles $3,375,411,337
Discretionary $7,414,717,209
Non-Discretionary $
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