Three veterans of Switzerland's BrunnerInvest are doing something rather unusual in this day and age: they're launching of fund of hedge funds.
Zurich-based Skënderbeg Asset Management, founded by Bruno Schneller (chief investment officer) Miranda Ademaj (chief executive officer) and Thomas Fliegner (chief risk officer), will focus on medium-sized “unnoticed” long/short equity strategies with assets under management between $50 million and $500 million.
The trio, who named their firm for an Albanian hero and nobleman, hope to launch their first fund in 2014 and are currently negotiating a $20 million seed investment.
In addition to their experience at BrunnerInvest, Schneller has also worked at hedge fund Naissance Capital and AXA private equity; Ademaj has worked at Credit Suisse and Sallfort Privatbank; and Fliegner held research positions at Cambridge and Bath Universities, taught mathematics at the International University of Germany and was with the Turtle Fund and the Aurarious Fund.
Skënderbeg will charge a 1% management fee, 10% performance fee and a subscription fee of up to 2%. The fund will have a minimum investment of $100,000 and a high water mark that must be reached before fees are charged. The fund will have no lockup.
The new fund of funds will be quite concentrated, investing in 10-15 “high conviction” funds, with no one position representing more than 20% of assets.
Skënderbeg will target annual returns of 12-15%.