MADRID, Spain (–The former head of research and fund manager at Park Place Capital Ltd., Carlos Cerezo, has left the firm to start a new fund management company.

Mr. Cerezo managed the Superhedge portfolio at Park Place Capital, which specialized in European equities. The portfolio has produced a cumulative return of 25% until the end of June 2002. He had been with the firm since 1998.

The new firm, whose name has not yet been disclosed, will specialize in European equity funds using absolute return strategies.