Ex-Rubicon Managers Ready Hedge Fund With Brummer

Nov 15 2012 | 1:31pm ET

Their legal troubles behind them, Rubicon Fund Management's former chief investment officers are moving forward with plans to launch a hedge fund, now backed by Sweden's Brummer & Partners.

Santiago Alarco and Tim Attias are founding a global macro hedge fund. The still-unnamed London-based firm is sponsored by Brummer, which will take a stake in the firm and invest in its maiden hedge fund.

Precise terms were not disclosed, although the investment in the hedge fund will come from Brummer's multi-strategy fund.

Alarco and Attias' new fund will invest in fixed-income, currencies, equity indices and commodities. The highly-liquid portfolio will be structured around three to four themes with six or seven trades in each.

"We are glad to announce our partnership with Tim Attias and Santiago Alarco, two experienced macro managers now joining Brummer & Partners," Brummer CEO Klaus Jäntti said. "They add further knowledge to the group and will represent Brummer & Partners' first outright macro strategy."

"We are delighted to join Brummer & Partners, which offers a true partnership in an entrepreneurial environment of highly-regarded managers together with a solid infrastructure," Alarco and Attias added.

Attias had planned to launch a hedge fund, Sata Partners, with former GAM research chief Catherine Cripps after he left Rubicon in 2009. But those plans were sunk by Rubicon's lawsuit against Alarco, Attias and Cripps, accusing the former two of breaching their fiduciary duty to Rubicon and of trying to take the company over after founder Paul Brewer was seriously injured in 2009 when he fell from a horse.

According to Rubicon, Cripps' involvement with Sata—which was definitely shelved earlier this year—convinced GAM to pull US$300 million from Rubicon, leading to more than US$1 billion in redemptions. The lawsuit was settled in May; terms were not disclosed, but Alarco, Attias and Cripps made a "substantial payment" to Rubicon and apologized for their "regrettable" conduct.

Cripps is not involved in the new firm; she is no longer registered with the Financial Services Authority.


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