TT International's Kumar Planning Spinoff of ~$500M Long/Short Equity Fund

Jun 20 2016 | 7:08pm ET

Vikram Kumar, a portfolio manager for high-alpha specialist TT International, is planning to acquire the long/short equity fund he manages and launch it as an independent vehicle early next year.

The plans were contained in a letter to investors, according to a Bloomberg article. Kumar and a team he is assembling hopes to acquire the $496 million fund, named the TT Long-Short Focus Fund, and separate fully from London-based TT International in January 2017.

TT International, which manages approximately $6.2 billion in active long-only equity, high conviction, alpha-generating macro, and equity long/short strategies, will have a financial interest in the new fund, Bloomberg reported. 

Kumar has managed the fund since its inception in 2013. He joined TT in 2008 after a stint at UBS and gained notice last year, when his fund returned 27% and was named the fifth-best performer among Bloomberg’s top overseas funds with AUM between $250 million and $1 billion. 

However, this year has proven more difficult. Year to date, Kumar’s fund is down 2.9% through the end of May, slightly worse than the 2.2% drop in the Eurekahedge Europe Long Short Equities Hedge Fund Index.

Like TT, Kumar’s fund will be based in London. It is still pending regulatory approvals from U.K. financial regulators, but is anticipated to launch with approximately ten people. TT is assisting with the move, according to the letter, to ensure the transition of clients and assets goes as smoothly as possible.

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