Overview
A. General Description of Advisory Firm. The Adviser is an investment adviser with its principal place
of business in Hong Kong. The Adviser was incorporated with limited liability in Hong Kong on 17 June
2008. The major shareholders are George Philips and David Rogers (both more than 25%), who co-
founded Northwest Investment Management Limited (the “Original Northwest Business”) in 1998, drawing
on their experience in managing equity derivative portfolios. Mr. Philips and Mr. Rogers have been
continuously responsible for the investment management of the Northwest range of funds since 1998.
The first fund managed by the Original Northwest Business was a convertible arbitrage product designed
to extract the pricing inefficiencies that existed in the global convertible market at that time. In 2001, the
Original Northwest Business re-introduced a technique developed by Messrs Philips and Rogers in the
early 1990s known as “multivariate arbitrage” and the Fund was launched to take advantage of the
improved opportunities that this technique provides. In 2002, it was decided to focus more on Asian
markets where both principals have significant experience, trading through the economic crash in Japan,
the Asian contagion, and the Kobe earthquake. In September 2006, the Original Northwest Business was
sold to RAB Capital plc (“RAB”) and, in April 2009, RAB sold the
Northwest business to Northwest
Investment Management Limited, a limited company incorporated in England on 21 October 2008
(“Northwest UK”), of which Messrs Philips and Rogers are the majority shareholders. Northwest UK
transferred the investment management of the Northwest Funds to the Adviser on 11 August 2009. The
Adviser currently employs a team of staff of 22 in Hong Kong and the USA.
B. Description of Advisory Services. The Adviser is licensed by the Hong Kong Securities and Futures
Commission to carry on Type 9 (asset management) regulated activity. The Adviser provides advisory
services on a discretionary basis to its clients, which include four private investment funds (pooled
investment vehicles) intended for sophisticated investors and one separately managed account.
C. Availability of Tailored Services for Individual Clients. The Adviser provides advice to client
accounts based on specific investment objectives and strategies. Under certain circumstances, the
Adviser may agree to tailor advisory services to the individual needs of clients. Clients may impose
restrictions on investing in certain securities or certain types of securities.
D. Client Assets Under Management. As of 31 December 2023, the Adviser had approximately $1,443
million client assets under management. As of that date, all are managed on a discretionary basis.