Hedge Fund Copper Street Capital Opening To External Capital

Jerry Del Missier’s Copper Street Capital is reportedly opening to external capital and hopes to bring assets under management to more than $500 million. 

The London-based hedge fund, which concentrates on event-driven opportunities in the financial services sector, launched two years ago with $100 million of internal capital following Del Missier’s stint as co-CEO of Barclays investment bank. He left Barclays in 2012 shortly after the departure of Bob Diamond. 

Copper Street is up 9.4% so far this year through April 30, according to a Reuters article citing a conversation with Del Missier. The fund seeks absolute and relative value opportunities across capital structures and also has a private equity-esque segment that invests in longer-term strategic deals in the financial services sector as banking stocks awaken from an eight-year post-crisis funk. 

The firm has recently been recruiting staff, including former Deutsche Bank financial institutions analyst Rudi Facchini, ex-Claren Road Asset Management portfolio manager Bruno Duarte, and ex-Stormharbour executive Massimo Araidi, all of whom joined last year.