Thierry Serero, a top-performing manager formerly at C60 Capital and Fidelity Investments, has joined New Star Asset Management to manage the New Star European Opportunities Hedge Fund, a new fund to be launched in May.
The European Opportunities Hedge Fund will be a concentrated opportunistic pan-European equity long/short fund with approximately 50 positions and a variable net market exposure. Serero will employ a bottom-up stock-picking approach supported by fundamental analysis with a focus on special situations.
According to New Star, he takes a mid-to long-term view on investments, seeking major shifts in valuations as a result of changes in fundamental drivers of companies' earnings.
Serero will work with New Star's 19 strong pan-European team, including Richard Pease, manager of the New Star European Hedge Fund. He will have access to more than 2,000 European company meetings a year as well as the experience within an organisation that already runs USD1.9bn in hedge funds.
Says Charles Tritton, head of alternatives at New Star: 'Thierry will strengthen our European hedge fund expertise. He has an exceptional track record and a wealth of knowledge of European markets which, combined with his strong focus on risk, has the potential to produce strong risk-adjusted returns for investors.'
Serero has 16 years' stock-picking experience and a 12-year track record in managing long-only and long/short funds. He was previously co-founder and chief investment officer of C60 Capital, where he launched the C60 European Long/Short Fund and was its lead portfolio manager.
The C60 European Long/Short Fund produced annualised double-digit returns from its launch in October 2003, achieved with low market exposure and a strong risk discipline that resulted in low volatility and a Sharpe ratio of 1.75.
After joining Fidelity Investments in 1990 as an analyst, Serero was subsequently promoted to director and portfolio manager, and became the sole manager on a number of Fidelity's largest European funds with several billion dollars in assets under management.
Founded in 2000, New Star now employs 346 people, including 75 investment professionals, with total funds under management of USD41bn and a market value of USD2.6bn. The company is 51.3 per cent owned by its staff.