Saturday, 2 August 2014
Last updated 12 hours ago
Feb 24 2014 | 1:19pm ET
A refugee from SAC Capital Advisors' London office plans to launch an Asia-focused equity long/short hedge fund with Dymon Asia Capital.
Carl Vine has set up Port Meadow in Oxford, U.K. The firm will launch its maiden fund in the second quarter, with US$150 million in initial assets, from both Dymon and Port Meadow's partners. The latter include Li Shen, David Perrett and David Tuthill, who worked with Vine at SAC and at UBS.
Port Meadow and Dymon hope to raise as much as US$500 million for the new fund in its first year.
Vine joined SAC in 2008. He moved from the firm's Hong Kong office to London in October—the same month the scandal-tarred hedge fund announced it would quit the British capital at the end of the year.
Vine will serve as chief investment officer of the new firm. Port Meadow has a strong bias towards Asian stocks, but with the ability to invest globally.
The establishment of Port Meadow reunites Vine and Jay Luo, Dymon's president. Luo served as head of Asia-Pacific at SAC before joining Dymon in 2012. Luo recruited Vine to SAC.
"Unlike a traditional seeding arrangement where the manager may need to spend half of his time on building the non-investment functions of a hedge fund, this hybrid model will benefit Port Meadow investors," Luo told Bloomberg News. "The business risk typically associated with a new launch is essentially removed," with the investment team "entirely focused on producing returns for the investor."