Tetragon Financial Group Ltd
Tetragon Financial Group is a publicly-traded closed-ended investment company (hedge fund), managed by Tetragon Financial Management LP.[1][2] The firm aims to provide stable returns to its investors through a wide range of credit, equity, interest rate and real estate cycles.
TFG has two main business divisions, both of which cover a broad range of assets including infrastructure, real estate, bank loans, equities, credit and convertible bonds:ref,ref
- Investment Portfolio
- TFG Asset Management, a diversified alternative asset management business. TFG Asset Management seeks to own all, or a substnatial portion of, the asset management companies in which it invests in order to exercise influence on performance.
good diagram here on p.38 but note 2013.
another one from 2017 here
Tetragon Financial Management LP, a New-York based hedge fund company, operates one private fund, "Tetragon Financial Group Master Fund Ltd", an open-ended public equity mutual fund launched and managed by Polygon Credit Management LP, and registered in Guernsey.OC
Tetragon Financial Management LP is controlled by Reade Griffith and Paddy Dear, who are the co-founders of Tetragon and Polygon, and also control Tetragon’s voting shares. TFM’s investment committee, which determines Tetragon’s investment strategy and approves each significant investment, comprises Griffith and Dear as voting members, plus a few extra bodies around for decoration.
Tetragon Financial Management LP is Tetragon's investment manager, pursuant to an investment management agreement dated Apr.26.2007 (see “Summary of Key Terms of Tetragon’s Investment Management Agreement”). The investment manager's general partner, Tetragon Financial Management GP LLC, is responsible for all actions of the investment manager. The General Partner is ultimately controlled by Reade Griffith, who also controls the holder of Tetragon’s voting shares. ref
TFG Asset Management
TFG Asset Management is a diversified alternative asset manager that owns majority and minority private equity stakes in asset management companies. TFG Asset Management comprises (Jun.2019):ref
- 100%: LCM Asset Management: a Collateralized Loan Obligation (corporate loans) asset management company. Website
- 13%: BentallGreenOak: a real estate investment platform. Website, GreenOak, Bentall Kennedy SLC Management (Sun Life Financial) have a 56% stake.ref, ref
- 100%: Polygon Global Partners: manager of open-ended hedge fund and private equity vehicles. Website
- 75%: Equitix Investment Management Ltd: an integrated core infrastructure asset management and primary project platform.
- 100%: Hawke’s Point: an asset management company focused on mining finance. No website.
- 100%: Tetragon Credit Income Partners (TCI): holdco for the General Partner entities of two private equity vehicles focusing on CLO investments. General Partner of two private equity vehicles (Tetragon Credit Income II and Tetragon Credit Income III ) that invest in TCICM and LCM-managed CLOs.
- TCI Capital Management (TCICM): a specialist in below-investment grade US broadly-syndicated leveraged loans.ref
Company
- 28.6% Tetragon Financial Group Ltd
- 8.73% Reade Eugene Griffith, Tetragon co-founder, Polygon founder[3]
- 8.42% Fig Group LLC
- 6.57% OMERS Administration Corporation
- 4.30% Omega Advisors Inc,[4]
- 3.37% Goldman Sachs Asset Management LP
- 3.01% Patrick Giles Gauntlet Dear, Tetragon co-founder, Polygon founder[5]
- 2.97% Asset Value Investors Ltd
- 2.01% Morgan Stanley
- 1.15% Canada Pension Plan Investment Board
Structure
- Tetragon Financial Group Ltd, reg. Guernsey, OC
- LCM Asset Management LLC, indirect subsid, Overview, History, acq'd by Tetragon Financial Group Ltd and its affiliates in Jan.2010.ref, CH, CH
- TFG Asset Management, aka Polygon Management LP,[6] reg. Cayman Islands
- link → link
- Tetragon Financial Management GP LLC has an ownership stake in Tetragon Financial Management LP of < 5%.
Timeline
- Jul.2019: BentallGreenOak: merger was completed. BentallGreenOak is an affiliate of SLC Management, a global institutional alternatives asset management arm of Sun Life. "SLC Management" is the brand name for the institutional asset management business of Sun Life Financial Inc.ref,ref)
- Dec.2018: GreenOak Real Estate merger with Bentall Kennedy announced.
- Oct.2016: Tetragon Financial Group Master Fund Ltd purchased $100,000,000 non-voting shares in Tetragon Financial Group Ltd.ref
- Nov.2015: Tetragon’s shares were listed on the Specialist Fund Segment of the London Stock Exchange.
- Oct.2014: Equitix Holdings Ltd was acquired from Cabot Square Capital LLP. TFG took a 85% stake, with managehold holding the balance. Equitix was founded in 2007 by long-term practitioners in the infrastructure industry who have been actively involved in Public Private Partnership procurement since its inception in the UK. ref
- Oct.2012: Polygon Management LP's asset management businesses and infrastructure platform, along with Polygon’s 25% interest in LCM Asset Management LLC, and its 13% stake in GreenOak Real Estate, was acquired. The acquisition brought TFG's aggregate ownership of GreenOak to 23%, and of LCM to 100%. ref
- Jan.2010: TFG acquired 75% of LCM.
- Apr.2007: Tetragon’s shares were admitted to trading on Euronext Amsterdam.
- Jun.2005: Tetragon Financial Group Ltd was founded by Reade Griffith, Paddy Dear, Mike Rosenberg and David Wishnow.OC
Articles
- Oct.29.2012: Tetragon Financial Group Ltd Announces the Acquisition of Polygon Management LP. TFG today announces that it has acquired Polygon's asset management businesses and infrastructure platform, along with Polygon's interests in LCM Asset Management LLC and GreenOak Real Estate. The acquisition accelerates TFG's ability to generate asset management fee income in addition to capital appreciation and cash flow from investments. PR Newswire. See also Tetragon Financial Group Limited announces the acquisition of Polygon.
- Feb.15.2012: Tetragon Directors Defeat Suit Over $205M Fees. Tetragon Financial Group Ltd. officers and directors won dismissal Wednesday of a shareholder derivative suit in New York federal court accusing them of siphoning $205 million from the investment fund through exorbitant performance fees. US District Judge Rakoff dismissed the suit with prejudice because the investor behind it bought his stock in Tetragon long after the compensation plan was put in place and publicly known. Law 360.
- Jul.12.2011: Hedge fund founders looted Tetragon: lawsuit. Two hedge fund founders were accused in a US lawsuit of using accounting manipulation to loot $205m in fees from Tetragon Financial Group Ltd. The complaint said Tetragon Financial Management LP was to receive a 1.5% management fee, plus a 25% performance fee. The complaint names Patrick Dear and Reade Griffith, who founded the hedge fund firm Polygon Investment Partners LLP, as well as 9 other individuals who are current or former Tetragon directors or are affiliated with Polygon. Dear and Griffith are also Tetragon directors, and the “incestuous” relationship between Tetragon and Polygon allowed them to collect fees they did not deserve, according to the complaint filed late Monday in Manhattan federal court by Daniel Silverstein, a Pennsylvania shareholder in Tetragon. Jonathan Stempel, Reuters.