The owner of small outfit Artemis Investment Management Ltd. has no business managing money for Canadian retail investors
called Artemis Investment Management Ltd. but you likely have heard of its owner, Miles Nadal – philanthropist, entrepreneur and former CEO of public company MDC Partners, where he resigned after U.S. regulators accused him in 2017 of collecting millions in undisclosed perks.
The Citadel fund is wrapping up a lengthy struggle with Saba Capital Management LP, a U.S. investor that snapped up 20 per cent of the fund’s units before going public with its complaints in February. The two Artemis vehicles are what are called closed-end funds, meaning that investors can buy and sell their units like stocks, unlike conventional mutual fundsraises the possibility that the market will value the units at far less than the underlying value of the investments the funds hold.
You’d think Artemis might consider firing the investment manager, another small outfit called Vestcap Investment Management Inc. Except Vestcap is a related company – the funds’ annual reports say Vestcap “is a corporation under common control” with Artemis.The top two executives at Mr. Nadal’s private investment company, Peerage Capital Group, were directors of Vestcap until 2019, says Deirdre McMurdy, the chief spokesperson for Peerage Capital Corp. records show Mr.
The numbers help explain Saba’s rabble-rousing. When it announced its 20-per-cent stake, it opined that the best way for Citadel unitholders to achieve the value they deserved would be to wind up the fund. Its attempts to call a unitholder meeting to vote on the windup proposal were unsuccessful.
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