ABOUT US

Firm Summary

The three senior partners of the firm; Neil Servis (CEO), Serj Walia (CIO) and Adrian King (COO) each have over twenty years of experience within the credit markets from both the buy and sell side, have arranged/invested in a mixture of structured, high yield and distressed credit. They were active participants in the evolution of this market over their careers.

The motivations for setting the firm up were and continue to be: taking advantage of stress and relative value within the credit markets, generating alpha by trading in complex, less competitive/efficient situations, benefiting from bank deleveraging due to capital shortfalls and new regulations, leveraging long standing relationships within the market place to source assets and applying a trading overlay to in-depth fundamental credit analysis.

The firm’s flagship fund: The Serone Key Opportunities Fund is award winning, with a multi-year track record, performing in excess of its annualised return target. Investors include both institutional and high-net-worth, and US onshore and offshore.

Corporate Philosophy

Serone’s founding principle is to bring together professionals with skills and experience within different credit market segments to create an integrated asset manager that can pursue attractive investment opportunities with the benefit of its team’s combined analytical and market-related expertise. Serone professionals have fostered deep relationships at senior levels with dealers, issuers and managers – this network underpins our strong investment-sourcing capabilities.

We are committed to creating value for our investors. We believe in building long-term partnerships, which includes sharing risk and returns. Our independent Advisory Board advances our mission to pursue this commitment with solid corporate governance and appropriate perspective.

Investment Approach

Our Investment Approach emphasises detailed, bottom-up analysis of each potential investment to assess the true value of its future cash flows. Serone then seeks to maximise returns by timing both entry and exit of investments in the context of market ‘colour’ and dynamics. Overlaying a more active trading philosophy onto our fundamentally-driven analytical framework often leads to opportunities to capture additional value from price discrepancies.

For Serone, investment analysis must comprise both quantitative assessments of operating performance and credit metrics, including detailed cashflow forecasting and stress testing; and qualitative assessments of the legal, structural and management-related aspects of any investment. Investment Team will consider the performance of comparative investments (both from the same issuer and from others in the same sector) and public third-party research to assess market sentiment. Importantly, our investment professionals will also gather market colour and advice from each others’ market segments to enhance their views.

Structured Credit

Capturing the value offered by in-depth fundamental analysis of complex instruments, and using this complexity to generate alpha rather than using it as a reason to reject the asset class. CDOs and CLOs remain a very efficient financing vehicle, if structured appropriately. Our analytical process, combined with many years of experience in structuring and investing in structured credit, is designed to find the value in this asset class. The supply side is very active, as banks need to shrink their balance sheets and very often have reduced the teams that manage their exposure to structured credit. Pressure from regulators and increasing capital charges only reinforce this trend. On the demand side, the typical structured credit investors that bought the assets based on ratings are largely absent, leaving a huge opportunity for investors with a multi-year investment horizon and the know-how to analyse the instruments.

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Disclaimer/terms and conditions

UK subscribers

  • Serone Capital Management LLP (‘Serone’) is authorised and regulated by the Financial Conduct Authority (‘FCA’), firm registration number 502305, and may only deal with/for professional clients and eligible counterparties.
  • By confirming that I am an investment professional/professional client, Serone will treat the user as having accepted and understood the FCA’s definition under the UK regulatory system, which may be found at the following link:

http://fshandbook.info/FS/html/FCA/COBS/3/5#D183

US subscribers

  • Serone Capital Management LLP (‘Serone’) is an ‘exempt reporting adviser’.  It is exempt from being registered with the Securities & Exchange Commission (‘SEC’) as it acts solely as a private funds adviser, as per section 3(c)(7) of the Investment Company Act of 1940.  Serone may only deal with/for ‘qualified purchasers’.
  • By confirming that I am a qualified purchaser, as defined under section 2(a)(51)(A) of the Investment Company Act of 1940, Serone will treat the user as having accepted and understood the SEC’s definition under the US regulatory system, which may be found at the following link:

https://www.sec.gov/about/laws/ica40.pdf

Swiss subscribers

  • Swiss Representative: Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland
  • Paying Agent: Banque Heritage SA, 61 Route de Chene, Case Postale 6600, CH-1211 Geneve 6, Switzerland
  • Note: In respect of the shares distributed in or from Switzerland, the place of jurisdiction under Swiss Law is the registered office of the Swiss representative
  • Serone may only deal with/for qualified investors as defined by:

https://www.vsv-asg.ch/uploads/file/interessenvertretung/2014/kkv-en.pdf#search=”qualified investors”

Other subscribers

  • Access to this site is only directed at/intended for those in jurisdictions where the use of this site is permitted by law/regulation.
  • Persons who wish to access this site are required by Serone to inform themselves about and to observe any legal or regulatory restrictions which may affect their eligibility to access the site or to subscribe for interests in the investment products.  Professional advice should be sought in case of doubt.

General

  • I understand that estimated performance and/or valuation/NAV data may vary materially from the official valuation/NAV and may not be the price at which subscriptions/redemptions may be made.
  • Investment decisions are made at my own risk.
  • To the best of my knowledge, after due enquiry, I am permitted by the laws of my jurisdiction of residence to access this site and the information contained herein
  • The content of this site is for information purposes only and does not constitute an offer/solicitation/advice/recommendation to purchase/sell products.
  • Products are only sold in accordance with the legal offering documents.

I Confirm that I am a Qualified Purchaser as defined by the SEC, I am a Qualified Purchaser as defined by my home regulator.

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