When started in 2006, was a pioneer within the Polish market. Promised generous rate involving return, but realized economically questionable investments, and so far there is absolutely no indication to bring any kind of profit. It is for this towards the forefront on how much management fees.
Secus First Closed Expense Fund of Private Organizations (Secus And FIZ) will be Poland's first private collateral fund public, that is, investing in unlisted organizations with high growth potential where development brings above-average profits. His offer was shipped to individuals, the average Kowalski. Certificates so far banks were buying the same funds, foreign pension funds or maybe other legal persons.
FIZ Secus I seemed to be appointed in November 2006 around the initiative of the broker agent house Secus Asset Managing SA (SAM), which is responsible for your managed assets. Since October 2009, the fund is work by him TFI. Previously, he was responsible for your Copernicus Capital TFI (TFI CLOSED CIRCUIT).
The investor has created a project for half a dozen years and divided that into two stages: investment (2006-2009), which is building a portfolio, and divestments (2010-2012), in which the manager targets achieving the set targets, develop solutions that deliver the very best return.
Want to make funds, you pay
Fitting to create Secus its owner ran quite a long time before the final night out of appointment, which is November 2006 but failed to have formal and authorized framework to conduct his or her investment fund, so in June 2005, SAM has signed a agreement with CC TFI involving running the fund.
Although the fund rapidly gathered from customers 31. 8 million zł, the first purchase created only after 11 weeks - in October 2007 Secus bought 8. 9 percent. WiedzaNet share (business e-learning) for 1. 06 million zł. There would be almost nothing zastanawiającego, if not constant, 4-percent. asset management fee, which is among the highest out there (compared to the NCB collects from 0. 75 percent of the selected products., Opera - 1. 75 percent., Allianz and Total - after 1. 8; BPH and Investors - after 2-3, but there are likewise higher, such as Legg Mason - 5 percent).. Only in the 08, thanks to its brokerages earned 1. 57 million zł, a year earlier - a million.
- The Act provides which the fund is 36 months for your purchase of wealth, initial investment, for which he seemed to be called. The process of purchase of private assets is stretched over time and be very complicated. The same due diligence process takes at least three months - desperate to remain anonymous, says a representative involving Copernicus Captial TFI. - When work around the establishment of the account 4 percent. was the standard price.
(Do not) fill the portfolio
The Fund was to raise 300 mln zł and spend the first year of 100 thousand, meanwhile, received 10 times lower than planned. When an application for approval of an prospectus certificate series D, in September 2007 (it turned out intended to raise 2-100 thousand zł), resigned from managing ones subscription. Why? It is not acknowledged, since the parties refused to inquire into this, covering a record within the Act on investment finances and trade secrets.
It seems that the climate then has not been to issue further investments, since 2 October 08 the FSA imposed a penalty of SAM-400 500. zł (reduced on attract 300 thousand.) as a "serious breach of law, principles of fair investing and business customers. " In practice, it was about: inadequate information about the financial entity, inadequate internal supervision and also contracting of portfolio operations in violation of rules.
Kara concerned the activities of an brokerage house, rather than leading it to invest in or Copernicus, but the irregularities supervision is now wary of the SAM-a.
Obtained the money was positioned in WiedzęNet, Agito (e-commerce, 5 percent. Share capital), PZU (0. 01 percent)., Sento (housing, 32 per cent.) And APN Assure (IT, 40 percent).. Investment in WiedzęNet concluded 70-percent. a loss. Sento, whose troubles caused mostly revaluation of assets, risks losing liquidity. The developer also features a 47 million debt. Similar problems are faced Agito.
- Restructuring of entities within the portfolio. Its completion will certainly increase within the valuation - provides Kielan. Only that Sento second year attempting to scramble out of problems. Currently looking to sell portion of its assets. Agito while looking for a professional investor, and therefore moved the entrance to NewConnect.
The quality or one thing?
Rules of conduct involving investment by private equity funds suggest that engaging in the topic of a few percent involving its share capital just isn't more profitable, and in general is practical. With this arrangement, the ownership has practically no influence around the actions of the company with out way to implement their development plan, aiming to obtain a revenue. So transactions associated with WiedzaNet, PZU and Agito possess thought? This is not figured out, because SAM declined to be able to comment and threatened courtroom, recognizing that we operate towards the detriment of his reputation.
According to Monica's partitions, representatives of companies' expenditure decisions were always determined by thorough analysis. " On the fund you are able to read that one of his tasks is really a "fair analysis of personal condition and operations involving portfolio companies, " which is to produce the investment decisions taken will be relevant.
Secus strategy assumes which the fund focuses on little and medium businesses within the growth phase to putting them around the stock exchange eventually to six years. In that case, the purchase of explains to you in PZU at odds with one of these assumptions.
Also questionable accuracy involving investment decisions. Three out of all 5 portfolio companies recorded an increasing or (WiedzyNet jettisoned throughout January 2009) devastating financial results. Interestingly, two of them purchased from entities with all the same group (WiedzęNet coming from Secus Investment Ltd., a subsidiary of Secus Keeping), or associated in some other way (Agito acquired shares of Armada Expense LLC, which is a client... I Secus FIZ). It should be noted that in PZU away from fund company is likewise present Secus Investment.
Can also upset which the parties to a transaction in shares WiedzaNet certainly not disturb potential conflict of interest in the form of personal relationship between the SAM-I and Secus Investment (represented with the first sat in the statutory bodies from the other).
Rough friendship between drukarnia the SAM-I and Copernicus
Since the beginning of an collaboration with SAM-Copernicus Board has not been. A person from the circle CC niewypełnianiu TFI procedures talking about the SAM-and, careless preparation of paperwork, the lack of studies of poor investment coverage, making controversial decisions, partner and market nieinformowaniu with regards to activities and events for fund and unreliable, careless mode of actions. - If you would not have the knowledge and talent to the present business, it's done stupid cheap van insurance purchases - concludes our supplier.
- FIZ Secus We was, and is managed in accordance with all standards, which is confirmed there is absolutely no objection in this regard for the Financial Supervision Commission - assured us Monika wall from the SAM-and then refused to be able to answer further questions.
- If not us all, the SAM would get punished also for your fund, not just brokerage - our informant retorts.
Finally, in May 2009, Copernicus decided to meska odziez give back for him keeping Secus TFI. Signed a conditional arrangement, which entered into force following agreement with SAM-I seemed to be four months later. - We supported them, have performed work which was not in agreement, so we received no remuneration for it. Besides, the control SAM-e supervision did start to look more closely also to us. Occurred suspicion of association capital. FSA believed that we knew around the evil deeds Secus, for which he seemed to be punished - describes our source.