LONDON London-based hedge fund firm Westbeck Capital hopes to get full regulatory clearance for its energy fund in September and is targeting $100 million in assets by year-end, a source close to the company said on Monday.
Set up by ex-CQS Asset Management portfolio manager Will Smith and Jean-Louis Le Mee, previously of BlueGold Capital, and Jon Mellberg, former head of Tudor, Pickering, Holt & Co, the firm's Westbeck Energy Opportunity Fund launched in June.
The fund, which aims to play an expected energy sector rebound through equities, is currently running with the partners' own money as well as some from fund of funds investors, the source said, without giving details.
A monthly newsletter seen by Reuters detailing the fund's performance showed it had gained 6.6 percent in August.
"Performance benefitted from an increase in leverage during the last week of July and a consequent reduction during the third week of the month following oil's strong run," the letter said.
(Reporting by Simon Jessop; editing by Lawrence White)