The new “master” platform, which is being named after the Maltese island of Comino, is expected to go live in the next few weeks, an FMG spokesman said.
It will be an “external SICAV platform” intended for use by such entities as other small asset managers, family offices, and other legal entities, he added.
Succeeds Jameson
Portelli takes on some of the duties formerly handled by Andrew Jameson, the company’s former CIO, who left the company earlier this year. The role and title of managing director is a new one, and reflects the growth of FMG’s Maltese operation.
Portelli’s brings more than 25 years in the financial sector to FMG, with his most recent role having been with Liongate Capital Management in Malta, where he was assistant portfolio manager, and where he shared responsibility for the management of $3bn.
He is also the founder of the Institute of Investment Analysis (Malta), and lectures at the University of Malta on hedge fund analysis and strategies and trading futures and options.
In addition to Liongate, Portelli’s previous roles include stints at Goldman Sachs, Nomura Securities International and Bank of America.
FMG was founded in 1989, and was a pioneer in funds investing in such emerging markets as Russia, India, China, the Middle East and sub-Sahara Africa.
In 2010, the company launched an Iraq fund, and April of this year it launched what it says is the first-ever domestic Mongolia fund, which invests exclusively in stocks listed on the Mongolian Stock Exchange.
FMG’s strategy involves mixing long-only managers in funds-of-funds, with the stated aim of achieving “an attractive risk profile for long term investors”.
Privately held, FMG was founded 23 years ago, and says it has more than 5,000 clients in Asia, Europe and South America, with assets under management of more than $200m.
Its headquarters are in Malta, with operations in Bermuda, Norway, Sweden and Singapore.
