Former Man manager launches Canadian fund

Date: Thursday, May 29, 2008
Author: Hedge Funds Review

Lightwater Partners, headed by Man Group alum David Vickerman, will launch the Lightwater Canadian Opportunities Fund on July 1.

The fund will use a long/short equity strategy investing mainly in mid-to large cap Canadian equities (75%) and 25% globally. The fund expects to launch with between $40m-$60m.

Vickerman, founder, CEO and portfolio manager of Man-Vector, a joint venture with Man Group, says the Toronto-based fund will take advantage of growing investment opportunities in Canada, focusing on returns of about 15%-18%, while keeping volatility in the low teens.

Joining Vickerman in the venture is Ben Griffiths, a former GLG Partners manager; Darol Ryan, a former JP Morgan equity derivatives specialist; and Jerome Hass, formerly of Epic Capital.

The prime brokers are Scotia Capital and Credit Suisse and fund administrator is Butterfield Fund Services. Legal counsel is provided by Fasken Martineua and KPMG will be the fund’s auditor.