Tudor and SAC managers join drive to launch new hedge funds

Date: Tuesday, January 19, 2010
Author: Harriet Agnew, Wealth Bulletin

A former partner of Tudor Investment Corporation has joined forces with the former chief executive of the European arm of SAC Capital Advisors to launch a hedge fund, the latest in a series of vehicles to enter the market as the global economy recovers.

James Harpel, formerly of Tudor, and SAC Capital’s former London-based European head Kenneth Ginsburg have set up a manager called Althea Capital, according to the Financial Services Authority register. They have launched a $100m (€69.5m) global emerging markets fund, according to sources familiar with the situation.

The launch of Althea is one of several by alumni of high-profile hedge funds in recent months and is another indication that the environment for start-ups is improving after being quiet for more than a year.

Ginsburg left SAC in December 2008 and has only now re-emerged at a hedge fund manager. Harpel left Tudor, where he managed a book of assets, in April last year. Sasha Jensen, head of alternative fund distribution at Kinsey Allen International, said: “Harpel’s confidence to go it alone is testament to a more benign market environment. If you compare Greg Coffey’s move a year ago, when he went to Moore Capital rather than setting up alone, you can see how investor and manager perceptions have changed and more trust has crept back into the markets.”

Nick Taylor, former head of Citadel’s principal investments business in Asia and Europe, kicked off Hong Kong-based Senrigan Capital in November with $220m. Patrick Degorce, a co-founder of The Children’s Investment Fund Management with Christopher Hohn, set up Theleme Partners in London around the same time.

Tudor was reported in October as managing $11.5bn. Harpel did not return calls seeking comment. Ginsburg could not be reached.