Outgoing Unigestion Hedge Exec. Readies Liquid Fund For Launch

Jan 26 2012 | 1:27am ET

Unigestion hedge fund chief and former Man Investment senior portfolio manager Philippe Gougenheim plans to launch his new firm’s first hedge fund this summer.

Gougenheim hopes to raise at least US$50 million for the Glasnost fund. The Cayman Islands-domiciled vehicle will focus on liquidity—investors will be able to redeem their money weekly with three days’ notice. It will invest in futures and options, targeting 10% to 12% returns.

“My idea is to be everything that hedge funds are not: liquid, transparent, with a focus on capital protection,” Gougenheim told Reuters.

“I hate losing money and am always very quick in taking my losses,” he continued. “My culture, my DNA, is really in capital protection.” The Glasnost fund, expected to debut in June, will aim for a maximum 12-month peak-to-trough loss of 2%.

The liquidity has a further benefit: It will allow Gougenheim to steer clear of politically-driven market swings. “If there is a big meeting” of European political leaders, “I can liquidate all the positions just before the meeting,” he said.

“I suspect we’ll have an environment similar to what we’ve had last year,” Gougenheim told Reuters of the fund’s prospects. “I think I’ll add a lot of value by being very reactive in terms of risk management. In this type of environment, there will be lots of opportunities with big macro trends over the medium to long term and a lot of short-term events.”

Gougenheim will formally leave Unigestion at the end of the month. Prior to joining the firm, he worked at Man and Millennium Capital Management, as well as at Société Générale and JPMorgan Chase.

To run the new fund, Gougenheim Investments will field a team including a portfolio manager, chief operating officer and a marketing professional. All are currently at other jobs until their bonus checks clear, Gougenheim said.

Once Glasnost is up and running, the Swiss-based firm plans to launch a Luxembourg-domiciled version of the strategy for European institutional investors. That fund is expected within the next 12 months.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.