Joseph Oughourlian and Amber Capital’s New Purchase

Joseph Oughourlian is the co-founder, managing partner, and chief executive officer of Amber Capital Investment Management. Amber Capital is an event-driven hedge fund. Oughourlian headed the Equity Arbitrage Proprietary Trading Desk at Société Général between 1997 and 2001. Initially Amber Capital operated as the asset management arm of SG Corporate & Investment Banking. New York City-based Amber Capital was launched in 2005 as an independent entity. It serves corporations, partnerships, institutions and high-net worth individuals all over the world. Amber mostly invests in value stocks, mergers, spin-offs, and takeovers. About one third of its investments are in the U.S. and the rest is in Europe. In 2007, Amber managed $7 billion at its peak. Oughourlian and Michel Brogard, Amber’s other co-founder, has averaged 12% annually between 2001 and early 2009.

Joseph Oughourlian, Armenian trader, was born in Beirut, Lebanon. He was elected as the newest member to Central Board of Directors of the AGBU. AGBU is the largest nonprofit Armenian organization, established in 1906 and aims to preserve and promote the Armenian identity and heritage through educational, cultural and humanitarian programs. Previously Michel Borgard worked at Credit Suisse First Boston focusing on European equities.

Last month Amber Capital disclosed a 5.9% stake in Gran Tierra Energy (GTE). They paid around $7.5 per share on or around April 12th. At the end of 2010 Amber had 5.9 Million shares of GTE in its portfolio. This means they acquired an additional 9.4 Million shares as GTE fell below $8 per share.

Chuck Royce

Amber Capital is by far the largest shareholder in GTE. At the end of December George Soros had $14.5 Million in GTE. Chuck Royce’s Royce & Associates had $13 Million in GTE as well.

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