Wednesday, 29 June 2016
Last updated 3 hours ago
Mar 28 2012 | 12:32pm ET
Fund of hedge funds Notz Stucki is set to roll out a global distressed fund this summer as it continues to rebound from a difficult few years.
Notz has begun fundraising for the new fund of funds, opening a three-month subscription period prior to opening the fund on July 1 with more than US$50 million in assets, HFMWeek reports. The new fund will have between 15 and 25 managers—the Swiss firm is still building the platform—and will seek to profit from bank deleveraging in Europe.
"We are seeing opportunities in banks that are being forced to de-lever as a result of the continued slow recovery, particularly in Europe," Notz's Sébastian Poiret told HFM.
The distressed fund will be Notz's 10th fund of funds. The firm, which still manages less than half the US$16 billion it had prior to being ensnared by the Bernard Madoff Ponzi scheme, has seen its flagship fund of funds rise 6.3% this year, and recently opened an office in Bahrain.