Danish Firm Preps EM Multi-Strat Hedge Fund

Dec 19 2007 | 7:59am ET

Newly-formed Danish alternative investment firm Global Evolution is looking to make a name for itself in the emerging markets. The Kolding, Denmark-based manager is prepping its Emerging Markets Multi Strategy Fund for launch sometime in January with between US$50 million and US$100 million.

The fund will initially feature strategies in fixed-income, foreign exchange and equities. Co-founder Morten Bugge said the firm’s background in credit and structured products will also lend itself to the fund’s mandate. “Historically, we’ve been quite involved in a lot of exotic stuff and structured products, so there will probably be a lot of exotic credits in there as well,” he said, adding that the fund will look to make its investments in regions such as Africa and the Middle East.

Going forward, Bugge said the firm might add more strategies to the fund or take out specific strategies and launch hedge funds based on those strategies. “For instance, we might launch an Africa-focused hedge fund if the appetite is there for that product,” he suggested.

The hedge fund charges a 2% management fee and a 20% incentive fee.

The hedge fund unit is only one leg of Global Evolution’s business; it will also launch a mutual fund and a structured products unit next year. “We’ve been very involved in managing emerging market collateralized debt obligations and we’ll do whatever structured product is suitable for the market,” said Bugge.  

The firm formed in June 2007 and officially opened its doors on Dec. 1. It is currently being financed by Tactica Partners in London, which owns a 25% stake in the firm. Tactica is part of Tactica Fund PCC, a protected-cell open-ended investment company comprising of a number of sub-funds.

Prior to founding Global Evolution, Bugge and co-founder Soren Rump worked in Sydbank’s emerging markets & structured credit group.

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