UK - Global investment bank Lehman Brothers has set up a new UK-based hedge fund manager, Edgeworth Capital, following unabated interest in the class.
The firm targets large and medium sized institutions, funds of hedge funds and high net worth investors, and will be led by Wesley Paul, previously global head of investments with JP Morgan Asset Management
According to Lehman’s, the hedge fund industry should grow to well over US$1trn by 2005; a large proportion of that growth is expected to come from institutional investors.
Paul added that Edgeworth takes advantage of a “highly fragmented” marketplace with nearly 6,000 participants, characterised by the “lack of large, well-financed, high quality providers.”
Initially, the firm plans to launch two funds - a Global Fund, led by Joe Rooney, previously global strategist with Lehman Brothers, Europe, and a Pan European Equity Fund, the manager of which is to be confirmed. Both funds are aimed to hit the market in September.
By Madhu Kalia
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