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By Benedicte Gravrand, Opalesque London:
"We want to be there when the market for this type of hedge funds comes back," said Andrew Pell, director at J.Chahine Capital, referring to the soon-to-be-launched quantitative long/short equity fund. The firm will put in $10m of its own, which ideally the partner would match, as well as be "very integrated."
The new fund, called Chahine Mega-Cap European Alpha, will be launched by the end of June - roaring to get in action as it was meant to be launched late last year but was put on hold when Lehman Brothers collapsed.
The Hennessee Long/Short Equity Index is up 4.68% YTD to end-April (-18.64% in 2008) and the Europe Index is down 0.59% YTD (-18.79% in 2008).
Jacques Chahine, an industry veteran known as a leader in quantitative information within the investment community and especially well-known in the French long-only community, founded the JCF group in the 80s collecting broker estimates, creating aggregates and consensus data and then publishing it back to the market.
He sold the company in 2004 to FactSet, which became an internet-based quantitative application. In parallel to this business, Jacques began to run long-only money in 1996 for some French institutions and created the model used in the SICAVs that he is still running today, the Digital Stars funds, which manage around ?200m (US$283m) - all based in Luxembourg, and among European funds' top 10.
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