February 22, 2017 / 11:42 AM / 3 years ago

Hedge fund veterans team up to launch $300 million multi-strategy manager

LONDON (Reuters) - Rick Doucette, who spent 26 years at Weiss Multi-Strategy Advisers, and ex-UBS prime brokerage senior salesman Gerry Polizzi are planning a new multi-strategy hedge fund, they told Reuters.

Doucette and Polizzi plan to launch Antecapio Investment Partners with $300 million in the third quarter of 2017, they said.

Doucette was most recently president and COO at the holding company for the partners at $1.4 billion hedge fund firm Weiss Multi-Strategy Advisers, which he left in December 2016. He had been directly managing hedge fund assets at the firm since 1990.

Polizzi worked at UBS for 15 years.

Performance varied among multi-strategy hedge funds last year.

Goldman Sachs Investment Partners (GSIP) folded its London operations, while Blackstone Group wound down its Senfina Advisors fund that had more than a dozen portfolio managers.

However, equity multi-strategy hedge funds made gains of 5.2 percent last year, while those with a similar approach trading on mergers and acquisitions and macroeconomic events made 6.2 percent and 4.1 percent respectively, according to data from industry tracker Hedge Fund Research.

Antecapio’s approach will be to allocate money to six to eight portfolio teams through two different funds. It will not run a so-called ‘center book’ featuring managers best ideas, like Senfina, Doucette and Polizzi said.

One of its teams will take long and short positions in European companies, while others will look at U.S. sectors, such as technology, media and telecoms, and consumer stocks.

The funds will use both computer-driven and discretionary, or human-led, strategies in their portfolios, but even traditional portfolio managers will have access to machine learning and artificial intelligence tools.

Reporting by Maiya Keidan; Editing by Mark Potter

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