Monday, 25 July 2016
Last updated 2 days ago
May 16 2011 | 1:01pm ET
Finisterre Capital is wasting no time putting its expansion plans into overdrive, just a month after selling a majority stake in itself to Principal Global Investors for up to US$115 million.
The London-based emerging markets specialist has already added Maxim Safonov from FrontPoint Partners as a foreign exchange and interest rates trader, the Financial Times reports. Firm founder Paul Crean said four other portfolio managers are poised to join, in addition to an economist hired from a European bank.
Crean would not identify the other five hires. But two are to join "from a big hedge fund" to manage a new emerging markets equity fund, which will debut later this year or early in 2012.
PGI, the investment division of U.S. insurance giant Principal Financial Group, is "seeing demand from clients for emerging markets strategies in UCITS form," Crean said.
Crean and Finisterre's other four partners still own a "significant" minority stake in Finisterre and will continue to make all investment decisions.