LONDON Former Millennium Capital Partners' portfolio manager Michael Cowley plans to launch equities hedge fund Sandbar Asset Management later this year, three sources close to the matter told Reuters on Monday.
Cowley could launch his equities hedge fund with up to $300 million (£241 million) by the end of the second quarter, said one of the sources, while a second said Sandbar would launch with closer to $250 million.
The fund will take a global so-called “market neutral” approach using equities, a strategy that is supposed to preserve capital in any market, said a third source.
Cowley previously ran a hedge fund in 2011 under the name MC Squared Global Investors with funding from one U.S. investor, the third source said.
MC Squared Global Investors was deregistered from British regulator the Financial Conduct Authority (FCA) in December 2013, FCA filings showed.
Cowley most recently had a stint at Millennium Capital Partners between May 2014 and January 2017, according to FCA filings.
He is joined by chief operating officer James Mabey, who was also previously registered as a partner at MC Squared, according to the first source and UK Companies House filings.
Analysts from Millennium are expected to join the team, said the first source.
(Editing by Mark Potter)