Gibraltar Firm Offers Special Situations, Futures Funds

Jul 9 2008 | 2:00am ET

Newly-formed hedge fund shop Quay Financials has launched a global special situations fund and a managed futures fund, and is prepping multi-strategy and global futures offerings.

The Gibraltar-based firm was set up last month via a management buyout following a consolidation of Van der Moolen Group’s European businesses at the end of last year. The firm currently has two divisions: broking and investment management. It has also established the Quay Umbrella Fund PCC, created under the protected cell company structure, to launch additional funds and cells quickly and cost efficiently.

“We think it is quite an interesting structure and we don’t think there’s too many firms out there at the moment that can set up funds relatively quickly and cost effectively enabling the managers to have a regulated fund—albeit offshore,” said a source familiar with the new entity.

Quay’s CONAG Managed Fund launched on July 1 and is a long volatility strategy. The fund invests in securities and derivatives across equity, currencies, commodities, futures, options, contracts for difference and exchange-traded funds, employing long and short strategies as well as spread trading, options trading and arbitrage and relative value strategies.

The Global Special Situations Fund, which launched on the same day, focuses on merger arbitrage, corporate restructuring and event-driven investments.

Quay is also launching the Global Strategy Fund and the Systematic Global Futures Fund to launch later this year.

Funds under the Quay Umbrella Fund charge rates typically at 2% management and 20% performance, with the exception of the Managed Futures fund where fees are 2% management and 25% performance.


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