Monday, 30 November 2015
Last updated 2 days ago
Aug 10 2012 | 3:04pm ET
Two former Paulson & Co. executives are banking on banks outside of the U.S. and Europe's biggest financial centers.
Petrarca Capital, founded earlier this year by Robert Lacoursiere and James Fotheringham, is in the midst of its first fundraising. And it's telling potential clients that it plans to invest their money in financial stocks in Australia, Brazil, Canada, Chile, India, Russia, Sweden and Turkey—anywhere, it seems, except New York, London and Frankfurt.
Such countries are "levered to changes in global growth, and financial securities most sensitive to their domestic economies," the firm wrote in a marketing document obtained by Dow Jones Newswires.
While many hedge funds are racing into the financials space to take advantage of what they see as massive opportunities in a beaten-down Europe and a slightly less beaten-down U.S., Lacoursiere, Paulson's former head of global banks, and Fotheringham dismiss the thesis. In fact, the Petrarca partners say that France, Italy and Germany are home to some of the least attractive investment opportunities, while the U.S. has some moderately attractive ones.
"The financials sector is a levered play on macroeconomic cycles," Petrarca told would-be clients. "Performance dispersion is now increasing among global financials sector stocks."
Petrarca's first fund, when it debuts, will have between 15 and 25 longs and 20 and 30 shorts in its portfolio. It will focus on the largest banks, but will also look at brokerages, asset managers, insurers and specialty finance companies.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…