TCI's Powers Readies Long/Short Value Hedge Fund

Mar 4 2011 | 11:33am ET

A top analyst and partner at The Children's Investment Fund has left the firm and will launch his own hedge fund.

Stuart Powers is the latest TCI partner to exit the famed activist hedge fund, departing in January. He is also the latest ex-TCI partner to plot his own hedge fund launch, following the debuts in 2009 and last year, respectively, of former TCI founding partner Patrick Degorce's Thélème Partners and former TCI Asia chief John Ho's Janchor Partners.

Powers plans to launch a global equity long/short fund this year, but will not open to outside investors until next year in keeping with Powers' non-compete agreement with TCI, Financial News reports. The new fund will have about 20 long positions and half as many shorts, which a capacity of between US$600 million and US$700 million. Powers plans to focus on undervalued franchise companies.

The still-unnamed firm will feature a trio of analysts in addition to Powers.

Powers spent seven years at TCI, most recently as its top European analyst. He also managed a sub-fund for TCI's flagship from September 2009 until October, earning 21.5% for TCI investors over the period.

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