Ex-Man Exec. Readies Ambitious Hedge Fund Launch

Feb 25 2013 | 2:14pm ET

A former GLG Partners executive is set to make waves with his new hedge fund firm.

Raffaele Costa's Tyndaris is set to begin fundraising for its first hedge fund, one of as many as three it hopes to launch this year. The first, a commercial real-estate fund, is headed by Heath Forusz, formerly head of European commercial real estate at Deutsche Bank, as well as veterans of JPMorgan Chase and Citigroup.

Costa founded Tyndaris in London last year after leaving Man Group, where he had risen to deputy global head of sales. And, according to the Financial Times, his new firm has many of the ostentatious hallmarks of the pre-financial crisis hedge fund debut, including offices on Savile Row decorated with contemporary art and anything by modest plans.

In addition to Forusz's real-estate offering, Tyndaris will add a Middle East infrastructure fund later this year, and is mulling a Europe-focused fund.

It all befits Costa's style: He runs a Web site dedicated to his yacht, on which he is depicted as the masked pirate "Captain Magic." He named his new firm for the scene of a naval battle off of his native Sicily during the first Punic War, more than 2,200 years ago.

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