Tuesday, 29 July 2014
Last updated 4 hours ago
Apr 23 2012 | 3:14pm ET
Abydos Capital Management, the new hedge fund from BlueGold Capital Management co-founder Jean-Louis Le Mee, is set to debut at the beginning of June with some US$30 million in assets under management.
Le Mee has put US$10 million of his own money up to start Abydos on June 1, and secured US$20 million more in seed capital. He's also built up the new firm's team, bringing on Ratio Asset Management veteran Paul Brunsden as chief operating officer and Matthieu Raimbault, formerly of BNP Cooperneff and Laffitte Capital. Both men are co-founding partners.
Unlike BlueGold, which announced earlier this month that it would liquidate its hedge funds and close, and which was invested largely in energy derivatives, Abydos will invest in commodities and equities. It will target annual returns in excess of 25% with volatility of between 15% and 20%, HFMWeek reports.
Abydos will have a US$500 million capacity, charging 2% for management and 20% for performance with monthly liquidity.
Le Mee worked at Goldman Sachs and York Capital before founding BlueGold in 2008 with Pierre Andurand and Dennis Crema. The fund, which once managed US$2.2 billion, said it would return some of its remaining US$1 billion in assets this month and the rest later this year. BlueGold, which enjoyed triple- and double-digit returns in each of its first three years, lost 34% last year and is down 2% this year.
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…