Monday, 1 September 2014
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...