PARIS (HedgeWorld.com)–The alternative investment arm of Credit Agricole Indosuez, CPR Alternative Asset Management, launched a fixed-income arbitrage fund and plans to launch a global macro fund in coming weeks.
The LibertyView Fixed Income Arbitrage Fund was launched on Dec. 2 with 125 million euro (US$125 million) in seed capital from Credit Agricole. That followed an announcement that Credit Agricole was planning on selling its hedge fund subsidiary LibertyView Capital Management* of Hoboken, N.J., to Neuberger Berman Inc., a New York-based asset management firm.
After the deal is finished, the fixed-income arbitrage fund and all of CPR’s existing hedge funds will need to change their name to EQUALT, as the Paris-based alternative asset management subsidiary renames itself EQUALT Alternative Asset Management to reflect the sale of LibertyView.
Listed on the Irish Stock Exchange, the fund invests in the government bonds and bills in 11 different countries and uses interest rate futures and swaps. The euro-denominated fund has a 500,000 euro (US$ 500,750) investment minimum and is structured as a unit trust for qualified investors. Fees are a 1.5% management fee and a 20% incentive fee.
Eric Debonnet, who heads the fixed-income department at CPR, will manage the new fixed-income fund. Co-portfolio managers are: Christoph Turpault, Jean Francois Dreyfus, and Paul-Emile Faure. All of the managers have worked together at one time or another at both the parent company and at Dresdner Bank and joined the subsidiary about a year ago.
Mr. Debonnet will be a co-manager of the global macro fund, which will be launched later this month or early January. Yves Casa is the lead portfolio manager and will focus on for asset classes: interest rates, foreign exchange, equities and commodities.
Three of LibertyView Capital Management Inc.’s hedge funds are listed in HedgeWorld Markets, administered in the U.S.A by HedgeWorld Markets USA Inc., (Member NASD/SIPC) an affiliate of HedgeWorld Limited.