Oddo Seeds M&A Fund Run By Former Banque D’Orsay Traders

Jun 20 2011 | 2:59pm ET

Oddo Asset Management has seeded a new M&A-focused hedge fund to be run by three former Banque d’Orsay traders.

The Orsay Merger Arbitrage fund has received US$143 million from Oddo, a subsidiary of Oddo & Cie, which bought Banque d’Orsay in 2010, reports Hedge Funds Review. In the wake of that acquisition, Oddo set up its first alternatives division, Oddo Alternative Investment.

The new fund will be run by former Banque d’Orsay prop. traders Christian Fleury, Karin Benguigui and Sofiane Cheraba. Fleury had headed Orsay’s M&A team since 1998.

The fund is sector agnostic and will invest in all major markets including the U.S., Europe, Australia, Japan, Hong Kong and Singapore. That said, between 50% and 80% of all positions will U.S. focused, given currently higher levels of M&A activity in that market.

HFR says Fleury is currently interested in the apparel, software and biotech sectors, but says this could quickly change in the next three to four months.

The Ireland-domiciled fund carries a minimum investment of €1 million and fees are the regular 2% and 20%. The managers hope to be managing US$429 million by end-2012.

Oddo & Cie is a Paris-based financial services group with US$31 billion AUM.

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