Five GLG Partners veterans have formally launched their new hedge fund after winning approval from British regulators.
Covalis Capital has been up and running since December, albeit under the auspices of Mirabella Financial Services. Mirabella's services are no longer needed, however; London-based Covalis was authorized by the Financial Conduct Authority two weeks ago, Financial News reports.
Covalis invests in utilities, infrastructure, renewable energy and commodity companies, with a focus on Europe. Co-founded Rolanos Stikovas said the firm was seeking to raise money, but would not disclose how much it currently manages.
Covalis is led by Zach Mecelis as chief investment officer. Peter Murphy serves as director of research, Jakob Moberg as head trader and Peter Murphy as chief operating officer.
Stikovas told FN that "the team has been together for over eight years," since Mecelis joined GLG in 2004. Mecelis worked at Zimmer Lucas Partners prior to moving to GLG.