Hedge Fund Copper Street Capital Opening To External Capital

May 10 2017 | 10:31pm ET

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.