Saturday, 23 May 2015
Last updated 13 hours ago
Sep 15 2011 | 3:40am ET
A former Russian bureaucrat and bank trader has founded a hedge fund firm in Luxembourg.
Alexander Pylev’s Advantage Asset Management will launch its maiden product in the fourth quarter, HFMWeek reports. The global long/short strategy will definitely have exposure to Europe and the U.S., and may invest in Asia as well.
“The situation is very uncertain in the markets,” Pylev told HFM. “With many management companies still struggling after the 2008 crisis, clients are looking for a return on investments from other participants.”
Pylev is in talks with potential strategic partners Axioma Solutions and Topwater Investment Management; he hopes to raise US$100 million for the Advantage Foundation Fund, which has a US$100,000 minimum investment requirement with a three-month lock-up and charges 2% for management and 20% for performance.
Pylev was most recently a trader and adviser at Sudostroitelny Bank in Moscow. He also helped establish the bank’s foreign equities desk. Before entering finance, Pylev worked for the Russian government.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…