Friday, 25 July 2014
Last updated 1 hour ago
Feb 27 2012 | 4:04am ET
Guillaume Rambourg, the former Gartmore Group star who left that firm after his suspension for allegedly directing trades, will launch his new hedge funds on Friday.
Verrazzano Capital Partners will begin trading at the beginning of next month, the Sunday Times reports. The Paris-based firm expects to raise about US$500 million in its first months for its two maiden offerings before soft-closing when it reaches US$1.5 billion in assets.
The Verrazzano European Opportunities Fund will employ a long/short strategy, investing in between 40 and 80 names and targeting a return in excess of 10%. The Verrazzano European Focus Fund will be more concentrated, with just 20 to 30 names, and aims to return 15% or more annually.
Rambourg was cleared last year by the U.K.'s Financial Services Authority over allegedly directing trades to favored brokers. Gartmore suspended him last year, beginning a downward spiral that concluded with the firm's sale to Henderson Global Investors earlier this year.
Following his exit from Gartmore—and that of his longtime partner, Roger Guy, several months later—it was assumed that Rambourg and Guy would go into business together. But Guy is not involved in running Verrazzanno; Rambourg said he has retired from fund management but is supporting the new firm.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…