RESTRUCTURING
Peregrine to move excess assets into subsidiary and list it
Money manager Peregrine plans to transfer its excess cash, hedge fund and proprietary investments to a subsidiary that it plans to list later in 2017. CEO Jonathan Hertz — who will stay at the helm to see through the restructuring before handing over to chief financial officer Robert Katz — said the assets would be transferred to wholly owned subsidiary Sandown Capital (NewCo). Unbundling to current shareholders and the listing were expected to take place in the fourth quarter of 2017. "NewCo will be a permanent capital listed vehicle," said Hertz. "Sean Melnick, the chairman of Peregrine and a well-respected and seasoned investor and entrepreneur, will be involved in driving NewCo’s strategy." Hertz said the new company would invest at home and abroad, targeting private equity, listed businesses and hedge fund investments. The unbundling of Peregrine’s more liquid assets would tackle the "unnecessary volatility" they introduced to the group’s earnings, said Peregrine. It reported a...
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