French Hedge Fund Seeder Selects Rcube

Jan 24 2014 | 1:34pm ET

A hedge fund seeding platform seeking to attract managers to Paris has made its fourth investment.

NewAlpha Asset Management set up the Emergence platform in 2012, backed by French asset management industry group Association Française de la Gestion and Paris Europlace. The US$200 million seed vehicle seeks to encourage French managers to set up shop in their home country.

The newest beneficiary is Rcube Asset Management, one of 120 funds to seek seeding from the platform. Emergence will invest €30 million in Rcube's Global Macro Ucits Fund, set to debut next week, Financial News reports.

Rcube is a four-year-old firm set up by Cyril Castelli, former head of global macro research and sales at Louis Capital Markets, Paul Buigues and Stéphane Alloiteau.

The Emergence effort seeks to blunt the effects of France's unfavorable tax system and lack of a strong hedge-fund investor base. But the French capital does have one thing over London, Europe's premier hedge-fund base: One Paris-based manager told FN that it costs only one-third as much to open there than in London, due to lower infrastructure costs.


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