F&C has snapped up London & Capital's fixed income hedge fund team. The team has joined F&C Alternat...
F&C has snapped up London & Capital's fixed income hedge fund team. The team has joined F&C Alternative Investments to launch a global diversified fixed income hedge fund, the F&C Tourmaline Fund. It will be launched in the first quarter of 2007.
F&C said that the recruitment of three senior hedge fund managers and a quantitative analyst is evidence of its ambitions to develop its range of specialist products and target new business in higher margin areas as part of its three-year accelerated growth plan.
Fernando Ribeiro, head of investments at F&C, said: "This is an important development for F&C Alternative Investments and a mark of our ambition to grow our hedge fund presence. We will continue to actively look for further opportunities to attract the right talent as a prerequisite of launching additional hedge funds."
The new F&C Tourmaline Fund will be the fourth fund in F&C's Gemstone range. It will also be the second hedge fund launch from F&C Alternative Investments within the last six months.
The lead manager on the F&C Tourmaline Fund will be Sanjay Joshi who headed up the London & Capital Fixed Income team from 2004 to 2007 and started up its fixed income hedge fund business.
The 45-year-old was previously a senior bond manager for Nordic pension fund SPP Investment Management and head of research at DAIWA Europe. His expertise lies in sourcing directional investment ideas from maccro themes.
Joshi said: "We have been impressed by the clear commitment of F&C's management to the development of its alternatives business. F&C has a strong brand, robust infrastructure and pan-European distribution.
This provides an excellent platform to grow a sizeable alternative investments business and we are excited about the opportunities that lie ahead."
Joshi has brought with him from London & Capital fund managers Rabbani Wahhab, Mario Nicolaou and analyst Shilen Shah.
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