SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 10, 1999
TREMONT ADVISERS, INC.
(Name of small business issuer in its charter)
Delaware 33-89966 06-1210532
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
555 Theodore Fremd Avenue, Rye, New York 10580
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (914) 925-1140
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ITEM 5. OTHER EVENTS
Tremont Advisers, Inc (the "Company"), TAL Global Asset Management Inc.
("TAL") and Robert J. Parnell signed a letter of intent dated December 10, 1999
(the "Letter of Intent") to enter into a Canadian joint venture to create
TAL-Tremont (the "Venture"), a Canadian-based investment management company
designed to provide, manage and distribute certain alternative investment
services and products, including, among others, services and products relating
to hedge funds, hedge fund investment strategies and managed futures. The Letter
of Intent provides that the Company will initially own approximately 35% of the
Venture. The parties have agreed to execute definitive transactional documents
for the Venture by January 31, 2000, and the failure to do so by either the
Company or TAL under certain circumstances may subject that party to a
CAN$150,000 "break-up" fee.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
99.1 Filed herewith is the Company's press release dated December 13, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TREMONT ADVISERS, INC.
Date: December 23, 1999 By: /s/ Stephen T. Clayton
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Stephen T. Clayton
Chief Financial Officer
(Duly authorized Officer and
Principal Financial and
Accounting Officer)
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EXHIBIT 99.1
Press Release 99-7
FOR IMMEDIATE RELEASE
Contact: Robert I. Schulman, President, Tremont Advisers, Inc. - 914-925-1140
Robert Parnell, President, Tremont Investment Management, Inc. - 416-643-7155
TREMONT FORMS JOINT VENTURE WITH MAJOR CANADIAN FIRM
TO MANAGE AND DISTRIBUTE HEDGE FUND INVESTMENTS
Alliance Joins Large Canadian Inst'l Money Manager With Leading Hedge Fund
Adviser
Rye, New York, December 13, 1999 - Tremont Advisers, Inc. (TMAVB) and TAL Global
Asset Management today announced that they have signed a letter of intent to
enter into a joint venture that will create TAL-Tremont, a Canadian-based
alternative investment management company. This alliance will join Tremont, one
of the largest alternative investment consultants globally, with Canada's
largest, privately controlled institutional money manager.
TAL-Tremont plans to offer a comprehensive approach to alternative investment
management. The firm will seek to integrate alternative investment strategies
with traditional active and synthetic index investments.
"TAL-Tremont marks a major milestone for Canadian investors," said Robert
Schulman, President of Tremont. "Interest in alternative investments has been
growing rapidly in Canada and TAL-Tremont will focus on serving this growing
market by customizing portfolios of alternative investments designed to meet
specific risk and return objectives.
"This joint venture is an event that will significantly alter the investment
management landscape," said Gordon Fyfe, President and Chief Operating Office of
TAL International, a division of TAL Global Asset Management.
TAL-Tremont will tap TAL's strength as Canada's largest institutional money
manager with expertise in active and passive strategies on behalf of clients in
Canada, Asia and Europe. Tremont has extensive expertise in hedge fund research
and the management of multi-strategy hedge fund portfolios. TAL manages $50
billion on behalf of institutional and high net worth investors. Tremont,
through its subsidiaries, consults on more than $7 billion in hedge fund
investments. The new company also will benefit from the global presence of its
two founding companies. TAL maintains offices in Hong Kong and Geneva and has
six offices in Canada. Tremont and its affiliates have offices in New York,
London, Bermuda and Toronto.
(more)
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Robert Parnell, President and Chief Operating Officer of Tremont Investment
Management Inc, Tremont's Canadian subsidiary, will become President and Chief
Operating Officer of TAL-Tremont.
"This alliance represents a very powerful combination of traditional and
alternative investment management capabilities," said Parnell. "The research,
investment management and distribution capabilities of TAL-Tremont will be
without equal in the industry."
TAL Global Asset Management is a fully integrated firm that provides global
asset management for institutional, private and mutual fund investors. With its
head office in Montreal, TAL is active in all major financial markets, including
those in North America, Europe and Asia. With more than $50 billion in assets
under management, TAL is the largest privately controlled investment manager in
Canada.
Tremont Advisers, Inc. is a diversified holding company that, through its
subsidiaries, is primarily engaged in three core businesses: consulting,
information, and investment products for the global alternative investment
industry. Through its London-based information and market intelligence unit,
TASS Investment Research Limited, the firm provides data on the performance of
more than 2,500 alternative investment managers and funds. Tremont consults on
more than $7 billion in hedge fund investments, including $700 million in
proprietary funds, and has more than $100 million in insurance policies in force
which are invested in alternative investments. Tremont's wholly owned
subsidiary, Tremont Partners, Inc., is registered as an investment adviser under
the Investment Advisers Act of 1940. Tremont is headquartered in Rye, New York,
and has offices in Toronto, Bermuda and London.
For more information on Tremont Advisers, visit www.tremontadvisers.com
# # #
Certain statements in this Press Release constitute "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Companies to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. The
Companies assume no obligation to update these forward looking statements to
reflect actual results, changes in assumption or changes in other factors
affecting such forward looking statements.
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