Hedge Fund Canosa Said to Double Assets in Five Months’ TradingChris Larson
Canosa Capital LLP, the hedge-fund manager started by two former Rubicon Fund Management LLP executives, more than doubled assets under management since trading began May 1, said two people with knowledge of the fund.
Canosa, founded by Tim Attias and Santiago Alarco in partnership with Brummer & Partners, began with $272 million in assets and had about $575 million at the end of September, said the people, who asked not to be identified because the London-based firm is private.
The fund has had positive returns every month, climbing 7.5 percent through Aug. 30, according to a performance report obtained by Bloomberg News. Hedge Fund Research Inc.’s HFRI Macro Index, which tracks similar global macro hedge funds, fell 3.8 percent over the period.
Jacob Lannero, a spokesman for Canosa and Stockholm-based Brummer, Sweden’s largest hedge-fund manager, declined to comment on the performance.
As a global macro hedge fund, Canosa seeks to profit from broad economic trends by trading stocks, bonds and currencies, and has a focus on fixed-income and foreign exchange.
Brummer, which has $16.4 billion in assets, took a minority equity stake in Canosa Capital, investing $250 million through its Brummer Multi-Strategy Fund, the firm said in a May statement. Canosa’s principals contributed the balance.
Canosa, whose clients include family offices of wealthy individuals, is in talks with pension funds and other institutional investors, one of the people said. The Brummer Multi-Strategy Fund made an additional investment in June, a separate performance report said. The amount wasn’t disclosed.
Attias, 47, and Alarco, 50, were joint chief investment officers at London-based Rubicon and oversaw about $1 billion at the firm’s global macro fund until leaving in early 2011. The fund climbed 15 percent in 2010, compared with an average 4.4 percent gain for macro funds that year, data compiled by Bloomberg show.