Context Capital Management grows AUM by 105% to $1.7B

July 26, 2023

Context Capital Management, LLC (CCM) specializes in fixed income and relative-value strategies such as convertible arbitrage, fundamental credit, and event-driven situations.

Co-founded by Michael Rosen (CEO), William Ferg (CRO), and Charles Carnegie (CIO/PM), who along with their family trusts, own and manage the company. CCM charges up to a 1.5% annual fee on assets under management, payable monthly or quarterly.

Key Changes Disclosed

Context Capital Management, LLC (CCM) experienced significant changes from March 2022 to June 2023, as shown in their form ADV Filings.

Their total Assets Under Management (AUM) saw a notable increase, jumping from $866.19M to $1.78B - a growth of 105.71%. Despite these financial developments, CCM retained the employee count at 12. Additionally, the total number of accounts managed retained at 3.

Modified Private Fund

The Context Partners Master Fund, LP experienced several changes:

  • The Gross Asset Value rose from $1.32B to $1.78B.
  • The number of beneficial owners increased from 286 to 318.
  • The percentage of ownership by related persons decreased from 6% to 5%.
  • The percentage of ownership by funds of funds dropped from 22% to 17%.
  • The percentage of ownership by non-U.S. persons increased slightly from 23% to 24%.

In the same period, two private feeder funds were added:

  • Context Partners Fund, L.P. (U.S.)
  • Context Partners Offshore Ltd. (Cayman Islands)

Changes in Custodians were significant with the following firms added:

  • Jefferies LLC
  • BNP Paribas Securities Corp.
  • J.P. Morgan Securities LLC
  • Goldman Sachs & Co. LLC
  • Morgan Stanley Smith Barney LLC
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Wells Fargo Securities, LLC
  • CIBC Commercial Banking

There were multiple additions and a few removals among Prime Brokers and Marketers:

  • Elevation, LLC and IOI Capital and Markets, LLC were removed as marketers.
  • Additions included Blue Sand Securities LLC, Supervision Brokerage LLC, and FDX Capital LLC.

Executive Changes

The organization underwent significant changes in its leadership and ownership structure:
  • William David Fertig shifted from the position of Chief Investment Officer and Managing Member to the role of Managing Member and Chief Risk Officer.
  • Charles Edward Carnegie transitioned from the role of Managing Member and Portfolio Manager to Managing Member and Chief Investment Officer.
  • Michael Stuart Rosen retained his role as a Managing Member but transitioned from CEO to re-assume the position of Chief Executive Officer.
  • Teagan Grace Seman was newly added as Chief Financial Officer.
 
As for indirect ownership, Marilyn Shelia Rosen, William David Fertig, and Michael Stuart Rosen were added as Trustees of various trusts.

 


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