Thames River Capital is to close its Eastern European long/short fund to new entrants once it raises...
Thames River Capital is to close its Eastern European long/short fund to new entrants once it raises $100m, which it is on target to do before the end of October, writes David Griffiths.
Jonathan Hughes-Morgan, director at the group, said: 'We've decided to close the fund before it hits the constraints we've set it. This allows us to incorporate a significant amount of capital growth before we have to start returning money to investors. We believe there's a strong correlation between the size of funds and performance, which is why we've put a constraint on it.'
Hughes-Morgan also indicated plans were on the drawing board for at least three new retail mutual funds over the next 12-18 months.
These include European mid-cap, Far East and Japan and global emerging market funds.
Company strategy meant that long/short hedge versions of all three would also be launched, he said.
'If and when we launch depends very much on whether we can get the right fund managers in place. We already have a European blue chip fund, so it would just be a case of expanding our research team to allow us to launch a European mid-cap offering. The others are probably a bit further down the line,' said Hughes-Morgan.
The group has also recruited two new senior staff. Fiona Palmer arrives from Royal & SunAlliance, and will be responsible for African, Middle East and Latin American sales. Alex Kuiper, an analyst, joins the multi-manager team from JP Morgan Fleming.
Thames River, a hedge fund specialist, was given regulatory approval by Imro in January 1999 and now has around $1.2bn under management.
Of this, around $850m is in hedge funds. The company currently has eight public funds: three hedge funds, three long only products and two hedge fund of funds.
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