Friday, 31 July 2015
Last updated 4 hours ago
Aug 6 2012 | 12:30pm ET
Armajaro Asset Management is known as a commodities hedge fund shop, but the firm has plans to change that.
London-based Armajaro will launch its first equities-only hedge fund on Oct. 1, focusing on financials. The new fund will debut with as much as US$100 million and will be led by Ben Steele and Peter Walters.
Steele and Walters joined Armajaro from TT International, where they also ran a financials strategy.
Armajaro was to increase its range to between 10 and 15 funds—it currently manages its flagship commodity fund and an emerging markets fund—and to boost its assets from US$1.5 billion to about US$10 billion, CEO Harry Morley told Reuters.
The Global Financials Fund has a capacity of more than US$1 billion. It will seek to profit from "long-term structural dynamics" in the financials space, Steele said.
"We're not launching a product because it's a hot space," Morley told the Financial Times, although it is a hot space. "We're launching it because we believe there is a long-term opportunity for returns."
May 27 2015 | 2:15pm ET
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