Former managers at Millennium Management LLC, Ziff Brothers Investments LLC, Carlyle Group LP and TPG-Axon Capital Management LP are starting hedge funds, leading a recovery in capital raising in London.
Bloomberg News reports that several funds each already have more than $100 million in assets lined up, five people with knowledge of the matter said. While fundraising still trails the pre-crisis boom, the pickup shows growing confidence in Europe, where firms were losing top traders to U.S. funds as recently as last year.
'It’s the quality of the startup launches which has really stood out this year,' said Gideon Margo, who assists hedge funds as a director in capital services at Credit Suisse in London. 'In 2013, most of the key launches in Europe were from well-known existing hedge fund managers, but this year we have seen new managers with real pedigree raise a healthy level of assets.'
Fredrik Juntti, previously at TPG-Axon and Citadel LLC, is forming Abberton Capital, while Christopher Dale, formerly of Millennium, is starting Kintbury Capital LLP, filings with the U.K.’s Companies House show. Both firms intend to get underway in the fourth quarter, said people familiar with their plans who requested anonymity because they’re not authorized to speak publicly.
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