Attica LJH Investment Management is to launch a raft of hedge funds in the coming months across a ...
Attica LJH Investment Management is to launch a raft of hedge funds in the coming months across a variety of strategies.
Attica plans to launch a hedge fund targeted at Dutch investors as well as two Cayman hedge funds in September, among other plans.
"The pension funds industry in the Netherlands has embraced the fund of hedge funds concept and wants to start using it seriously in years ahead," said Attica's chief executive officer and founder, Robert van Maasdijk. The firm's aggressive expansion plans have come at the expense of Key Asset Management, who have lost several key members of staff to them. Attica, which teamed up with LJH Global Investments, headed by James Hedges, has hired Karki and Larry Jones, both of whom spent a relatively short period at Key, as well as three analysts. Karki, who was chief investment officer at Key for six months, is now chair of Attica's investment committee and a member of the executive board, and Jones is now a senior portfolio manager and risk manager.
As joint chief executive officer and chair of the investment committee at Attica, Karki will look after the firm's new products while the existing chief executive officer Tony Robinson will remain in charge of the existing funds. Morton Keiland, founder and principal of Key has replaced Karki in that role until a replacement is found. Keiland held the role for more than 13 years before Karki's arrival and had remained chair of the investment committee.
Larry Jones was a risk manager at Key for six months before his departure. He has been replaced by Simon Hawkins from the Bank of America. Key has also hired Fredrik Johansen to replace one of two analysts that left the company, and has brought in Peter Dencik as chief executive officer.
Attica has been chosen by Sal Oppenheim Bank, a German private bank, to manage its fund of hedge funds portfolios and was due to launch OP Hedge Multi Strategy Plus on 1 September. OP Hedge Multi Strategy will have less than 5% volatility, while targeting a return of 7% to 9% annually, and OP Hedge Multi Strategy Plus will have volatility of less than 7% with a three-year rolling annualised return target of 9% to 11%. "We have a preference for asset managers with between e100m to e750m assets because we believe that bigger individual hedge funds find it more complicated to perform," according to Maasdijk. Attica's German products come on the back of the firm's recent launch of the Oppenheim Attica Multi Hedge Fund designed for Austrian investors and PAM Alternative Investment, a fixed income fund launched in Liechtenstein.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till