MPC Investors has recruited Ajay Gambhir from JPMorgan Asset Management to launch a new European equity long/short hedge fund. The yet-to-be-named Cayman Islands-domiciled vehicle is to launch in September with between $600 million and $900 million, according to CEO Peter Harrison.
Harrison said the fund will invest across the board in terms of size and industry, and will have typical net exposure of 30% to 50%, but will also be able to go net short.
The fund charges a 2% management fee and 20% performance fee, with an still-undetermined minimum investment requirement.
Gambhir, who, as managing director led the European high alpha team at JPMorgan, was the sole portfolio manager for the JPMorgan Europe Dynamic Long Short hedge fund, which returned 31.5% in 2005 and 40.2% last year net of fees, according to MPC. The fund managed $400 million in assets at the end of February. Gambir is expected to report to his new position in four weeks.
Harrison also mentioned the firm is looking to bring aboard a trader for the new fund but declined to offer more details.
MPC also manages long/short strategies including the Pilgrim Fund and the Pilgrim Select Fund.