Wednesday, 25 May 2016
Last updated 16 hours ago
Apr 26 2011 | 12:45pm ET
A former GLG Partners fund manager is leaving Jabre Capital Partners, and taking his hedge fund with him.
Renaud Saleur has agreed to join London-based Duet Group. He will continue to manage the US$50 million Mangousta fund, launched for him in late 2007 at JabCap, at Duet. Saleur managed a similar strategy at GLG before following Jabre, the firm's former star trader, to his new firm.
"It's an amicable departure and we wish Renaud well," Jabre told Financial News.
Saleur echoed that sentiment.
"It's a totally amicable departure," he told FN. "In the past I'd explored the possibility of joining Duet and I decided that now is the right time to be totally independent. I see a lot of synergies with Duet."
At Duet, Saleur plans to launch a whole range of funds to manage alongside Mangousta. A long-only global growth and income fund will come in June, followed by an onshore version of Mangousta. Both of those funds will be seeded by a French insurer.
Saleur also plans to create a long-only, concentrated best ideas funds, which will invest in a dozen "best ideas" culled from his funds.
In addition to Mangousta, which fell 4% in 2008 before rising 20% in 2009 and 2% last year, Saleur is also bringing a former colleague from Fidelity Investments, Thierry Serero, who will join Duet next month. Serero is currently a fund manager at Octopus Investments.
For his part, Saleur worked at Soros Fund Management and Moore Capital Management before joining GLG in 2002 to launch the first version of Mangousta.