A. Description of the advisory firm and principal owner
Description of the advisory firm
Boussard & Gavaudan Investment Management LLP (“BGIM”, the “Investment Manager” or the “firm” was
incorporated in England on 5 November 2013 and registered under the reference number OC388967. .
BGIM was authorised as an “Investment Management Firm” by the UK Financial Conduct Authority
(“FCA”) in July 2014 with reference 612226.
BGIM is part of the Boussard & Gavaudan Group, which in addition to BGIM is composed of Boussard &
Gavaudan Gestion SAS (“BGG”), a French registered “Société de Gestion de Portefeuille” registered with
the AMF with reference GP03008, and Boussard & Gavaudan America LLC (“BGA”) is incorporated in
Delaware and is registered with the SEC with CRD number: 322621. BGIM, BGA and BGG are
collectively referred to as “BG” or the “BG Group”.
The purpose of BGIM is to carry out the regulated activity of being an Alternative Investment Fund
Manager (“AIFM”) within the BG Group.
BGIM provides discretionary investment management services to clients which include private funds and
other commingled pooled accounts that are exempt from registration under the Investment Company Act
of 1940 (the “1940 Act”) and the Securities Act of 1933 and also serves as a sub-adviser to an open-
ended management investment company registered under the 1940 Act (the “US Mutual Fund” and
collectively with all other pooled vehicles the “Funds”).
The BG Group is independent and wholly owned by its founders and partners.
Principal owners
Our principal owners are:
• Emmanuel Gavaudan
• Emmanuel Boussard
• Boussard & Gavaudan Partners Limited
Emmanuel Gavaudan and Emmanuel Boussard, both founding partners of BG Group, are the principal
individuals involved in the management of the assets of the different Funds. Their details are set out
below:
Emmanuel Gavaudan
In July 2002, Mr Gavaudan co-founded Boussard & Gavaudan and has been a partner of the Investment
Manager and chief executive officer of the General Partner since that date. Prior to this, he spent over 13
years at Goldman Sachs in London and Zurich. He served first as a portfolio manager for very large family
offices, trusts and foundations, managing equities, bonds, derivatives and currencies. He served as
portfolio manager for a diversified SICAV Part II using all asset classes between 1994 and 1998. He
became a Managing Director in 1998 and went to Zurich as the General Manager of Goldman Sachs & Co
Bank, responsible for all divisions of Goldman Sachs in Switzerland. He returned to London in 2000 as
Partner in the Investment Management Division. He joined the European Management Committee, the
board of Goldman Sachs International, the board of Goldman Sachs & Co Bank
as well as the PWM
Global Operating Committee. Mr Gavaudan obtained his MBA from the Wharton School, University of
Pennsylvania and a JD in Law from Paris University-Assas. He is a graduate of the Institut d'Etudes
Politiques de Paris.
Emmanuel Boussard
In July 2002, Mr Boussard co-founded Boussard & Gavaudan and has been a partner of the Investment
Manager and chief investment officer of the General Partner since that date. Emmanuel Boussard was
with Goldman Sachs International from August 1996 until July 2002. Most recently he was an Executive
Director of Goldman Sachs International based in Paris, where he was responsible for European equity
derivatives proprietary trading. From January 1998 until June 2001, he was in charge of the French stock
options book. Between August 1996 and June 1998, he held responsibility for the Goldman Sachs’ “World
Book” which contained options involving correlation on equity indices around the world. Prior to that, Mr
Boussard was at Bankers Trust International where from March 1996 to July 1996 he was a derivatives
trader on the path dependent options book. From August 1994 to February 1996, he was at Bankers Trust
Company where he traded swaps, futures and currencies in Southeast Asian, South American and
European Markets and completed the Associate MBA training programme. Between August 1990 and
August 1994 he completed the doctoral programme in mathematics at the École Normale Superieure in
Paris.
Boussard & Gavaudan Partners Limited
BGIM acts through its managing member, BGPL (the “managing member”). The managing member was
incorporated in England and Wales on 24 June 2002. The directors of the managing member are
Emmanuel Boussard, Emmanuel Gavaudan and Pascal Gillot.
B. Types of advisory services
BGIM has been appointed as Investment Manager to manage and invest the assets of the Funds and also
acts as promoter of the Funds.
The Investment Manager has full discretion, subject to the overall review and control of the Directors of
the Funds, to manage and invest the assets of the Funds in pursuit of the investment objective and
determine the approach and strategies, subject to the investment restrictions described in the Prospectus.
The management style combines Fundamental analysis with a thorough expertise of financial instruments.
Our analysis is multi-asset class (equity, credit and volatility) and our investments are rigorously screened
for catalysts to generate value.
BGIM’s investment advisory services, pursuant to the investment management agreements, are provided
directly to the clients and are not tailored to any individual underlying investors.
C. Client Assets
Assets under management on a discretionary basis $4,112,439,999 as of 31 March 2023
Assets under management on a non-discretionary basis $0 as of 31 March 2023