NewAlpha Advisers, Paris-based ADI's wholly-owned hedge fund incubator, has launched its first project, London-based Langlade Capital Management LLP.
Langlade will run the Langlade Absolute Fund, focusing on European equities, both long and short. Langlade received FSA approval this week and plans to launch the Langlade Absolute fund on Thursday 1 July. The objective of the fund is to have 15% performance with a volatility of around half that of the equity markets (7-9%).
After analysing over 40 fund managers since June 2003, Langlade was the first alternative investment company NewAlpha Advisers found that satisfied its due diligence and manager evaluation process.
Langlade's founders are two experienced hedge fund professionals, François Langlade-Demoyen, CIO and Paul Feldman, CFO, whose previous experience was gained at Buttonwood Capital Partners Limited.
NewAlpha stated: "François' undoubted ability in analysing companies, his extensive network of contacts, along with the management team's proven track record of setting up client driven investment businesses were major factors in NewAlpha Advisers' decision making. Paul Feldman with over 17 years of experience in portfolio management was a natural choice to lead the risk management and operational side of the partnership."
It added: "Langlade's investment process uses a sound and tested approach, capitalising on the quality of stock picking and alpha creation on both long and short positions taken by François and his team of 2 experienced analysts. Stockpicking is then overlaid with an active management of the Fund's net exposure. The addition of a well known equity trader completes the team of five professionals in their St James's Street offices in London."
The seed capital of EUR 25 million has been provided by NewAlpha Participations, New Alpha Advisers' dedicated holding company which has two French institutional investors, Matmut and MAAF, as seeding partners.
NewAlpha Stated: "Other initial investors are anticipated given the recognition of duo's excellent reputation, the unique way François will be managing the fund, the difficulty in finding capacity and the performance in the current universe long/short European equity funds."