Overview
i) Firm Description
Wolverine Asset Management, LLC (“WAM” or “us” or “we”) was formed in 2001 to
provide discretionary investment management services to institutional clients using structural
arbitrage and relative value strategies. The indirect principal owners of WAM are Christopher Gust
and Robert Bellick.
ii) Types of Advisory Services
WAM offers investment advisory services to institutional clients, including pooled
investment vehicles (e.g., hedge funds). WAM serves as the discretionary investment manager to
the funds listed below and may, in the future, serve as the discretionary investment manager to
additional pooled investment vehicles, accounts, and other arrangements with institutional clients
(collectively, the “WAM Funds”). The WAM Funds are offered only to sophisticated institutional
investors and qualified purchasers. The “WAM Funds” include:
• Wolverine Flagship Fund, LLC (U.S.-domiciled feeder fund);
• Wolverine Flagship Fund Limited (Cayman-domiciled feeder fund); and
• Wolverine Flagship Fund Trading
Limited (a Cayman-domiciled master fund)
(“WFFTL”).
The objective of the WAM Funds is to seek returns on capital through arbitrage and relative
value strategies.
See Item 8 for a more detailed explanation of the specific strategies the WAM Funds
implemented. All investment and trading activity takes place at the WFFTL level for the WAM
Funds. The general purpose of the U.S.-domiciled feeder fund is to accept investments from U.S.
taxable investors, and the general purpose of the Cayman-domiciled feeder fund is to accept
investments from U.S. tax-exempt investors and non-U.S. investors. Transactions WAM entered on
behalf of WFFTL are outlined in the confidential information memorandum or any other written
agreement between WAM and the WAM Funds. Transactions WAM entered on behalf of the
WAM Funds are not based on the individual needs of investors in the WAM Funds.
iii) Management of Client Assets
As of December 31, 2023, WAM managed approximately $3,937,184,721 in client assets on
a discretionary basis on behalf of the WAM Funds.