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BRI Partners Seeds First European Hedge Fund Manag

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CHICAGO (–BRI Partners LLC has given seed capital to three hedge fund managers, including two in Europe, BRI’s first investments with European managers.

Ilex Asset Management, London, and Burdon Capital Ltd., Dublin, Ireland, are the first of what BRI Co-Chief Executive Officers Jeffrey Izenman and Adam Brass said could be a series of investments in European hedge fund managers. BRI also gave money to Blaustein Management Group LP, New York.

Europe, Mr. Izenman said, is beginning to see the kind of new fund start-up volume that has been widespread in the United States for the past several years. That should make for attractive seeding opportunities going forward, he said.

“There are opportunities to find talented new managers in Europe, more so now than before,” Mr. Izenman said.

Mr. Brass added BRI believes “significant growth opportunities exist” in Europe.

Ilex Asset Management, founded by Simon Thorp in 2000, follows a European long/short credit opportunities strategy, BRI officials said. Burdon Capital, founded recently by Richard Burdon, invests in global convertible arbitrage strategies.

Newly established Blaustein Management specializes in investing in the health care sector. Founder David Blaustein started as an assistant professor at New Haven, Conn.-based Yale University’s School of Medicine.

Mr. Izenman said collectively the three hedge funds have about US$150 million in assets. The largest fund is about US$60 million. He did not disclose how much in assets each fund had or how much BRI Partners provided each fund in seed capital.

BRI now has placed seed capital with seven hedge fund managers, including these three new funds, Mr. Izenman said.

In addition to providing capital, BRI also assists hedge fund managers it seeds with operational, risk management and marketing support.

BRI was founded in 2001 by Messrs. Brass, Izenman and Mesirow Advanced Strategies Inc., Chicago Previous HedgeWorld Story.

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