Felix Zulauf, a former global strategist at UBS AG who opened his own hedge-fund firm in 1990, is starting a fund in Switzerland with his 30-year-old son that will bet on global macro-economic trends.
The fund will be managed by a new firm, Zug-based Vicenda Asset Management AG, and is expected to start trading in July with about $50 million in assets, according to a person with knowledge of the fund. The person asked not to be identified because the firm is private.
Vicenda marks the 62-year-old investor’s return to managing money for outside clients after four years. Felix Zulauf, who declined to comment, will be the firm’s co-chief investment officer along with his son, Roman Zulauf, a former portfolio manager at Swiss hedge-fund firm Magma Capital AG. The global macro fund will use derivatives including futures and options to bet on the prices of stocks, bonds, currencies and commodities, according to a presentation obtained by Bloomberg News.
Vicenda’s chief executive officer is Micha Blattmann, who previously worked at UBS and Merrill Lynch & Co., the presentation said. Felix Zulauf, a contributor to Barron’s magazine’s Roundtable group of fund managers and strategists, converted Zulauf Asset Management AG into a family office in early 2009 that manages mostly his own funds.
Money in the new fund will come from Vicenda’s principals and clients that invested with Zulauf in the past, the person familiar with the situation said. Vicenda will market the fund to other family offices and wealthy investors at first, the person said.
Vicenda will charge a 1.5 percent management fee and 20 percent performance fee, with discounts for early or large investors, and is targeting returns of 6 percent to 8 percent annually, according to the marketing presentation. The average global macro fund climbed 0.6 percent year to date through June 7, according to Hedge Fund Research Inc.