London-based Emergent Asset Management, an alternative investment firm specialising in macro and emerging markets, is launching a directional global macro hedge fund in a joint venture wit
London-based Emergent Asset Management, an alternative investment firm specialising in macro and emerging markets, is launching a directional global macro hedge fund in a joint venture with Olea Capital founder Tim Yetman.
The Emergent GeoMacro Fund, which will launch on July 1, will follow an investment strategy based on Emergent’s geopolitical model of the world combined with fundamental and technical macroeconomic analysis.
The GeoMacro Fund will invest primarily in interest rates, fixed income and foreign exchange, as well as in equity and commodity markets where appropriate, targeting net returns exceeding 15 per cent.
Yetman, who joined Emergent in late 2007, will act as senior co-manager of the fund alongside David Murrin, the firm’s chief investment officer. Yetman has more than 20 years’ experience in the financial industry, most recently with Olea, a global macro fund manager with USD1bn in assets, having previously established a cross markets trading division focusing on absolute returns at Tokai.
He began his career as a trader on the proprietary capital and market-making team at JP Morgan, before taking a senior management role in the foreign exchange and proprietary trading businesses with National Westminster in London in 1992. Four years later he joined Swiss Bank Corporation, now part of UBS, as portfolio manager of the bank’s internal hedge fund.
‘Emergent is a highly innovative and diversified business, and I look forward to working with the team there in the macro space,’ Yetman says. The management fee of the Emergent GeoMacro Fund will be 2 per cent, with a performance fee of 20 per cent. The minimum subscription is EUR500,000.
Based in Haslemere, Surrey, Emergent Asset Management was founded in 1997 by chief executive Susan Payne and Murrin. Emergent’s two flagship funds, Alternative EM Debt & FX and Ballistic EM Equities, have returned 71.4 per cent and 67.8 per cent respectively over the 28 months to the end of April.
