Ex-Unigestion Hedge Chief Sees US$250M For New Hedge Fund

Jul 13 2012 | 12:53pm ET

Former Unigestion hedge fund chief Philippe Gougenheim has lined up US$80 million for his new hedge fund—with hopes to raise twice as much in addition within just six months.

Gougenheim plans to launch his Glasnost Fund in September. Liquidity will be the byword for new vehicle, which will offer monthly liquidity with just three days notice. Announcing his plan in January, Gougenheim said he wants to have the ability to liquidate Glasnost's entire portfolio quickly, while still producing annual returns of 10% to 12% investing in futures and options.

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

The sales pitch is apparently working. Gougenheim now tells Reuters that he'll "have US$80 million on day one." And that's only the beginning.

"We have a very strong pipeline, and if we do what we've said we're doing for the first two or three months, then after six months I think we'll be closer to US$250 million," Gougenheim said. "We don't have any real track record, so some people would like to see us managing money for real. They're very pleased with the paper trading."


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of