Nemesis hires former Lehman fund head

LONDON (Reuters) - Nemesis Asset Management, a fund firm backed by Lehman Brothers until the U.S. investment bank's collapse last year, has hired Lehman's former head of European asset management for its London-based business.

Nemesis, which runs around $400 million (245 million pounds) in assets, mostly for wealthy individuals and family offices, said it recruited Robert Sargent, formerly chief executive and business head of Lehman Brothers Asset Management (Europe, Middle East and Africa), as head of asset management in Britain.

The hire comes as the hedge fund industry gradually recovers from its worst year of performance on record last year with clients beginning to return to these freewheeling portfolios.

"With the worst of the global financial crisis seemingly behind us we are entering a new cycle in the market, albeit where many investors remain twitchy," said Sargent.

"Focusing on high net worth individuals and their advisers, family offices and institutional investors, there are excellent opportunities in the market," Sargent said.

Nemesis was set up as a joint venture with Lehman in 2004, when it was called Furno and Del Castano Capital Partners.

However, following Lehman's collapse last year Nemesis chief executive Pier-Alberto Furno bought Lehman's share in the firm.

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(Reporting by Laurence Fletcher; Editing by Dan Lalor)