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Titanium Capital Adds Assets

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LONDON (–A global emerging markets strategy at Titanium Capital accepted mandates from two offshore hedge funds that are closed to new investors.

Greenwich Reserve Fund Ltd. and Rockwell Diversified Fund both are investing in Titanium’s emerging market strategy. Greenwich, domiciled in the British Virgin Islands, allocated US$111 million to Titanium, while Rockwell Diversified Fund hired Titanium to advise its Diversified Fund, which has US$235 million in assets. Rockwell is based in the Cayman Islands.

Both funds, which are closed to new investors, chose Titanium’s emerging markets strategy. Titanium Managing Director Philip Manduca developed the strategy while he was still at Morley Fund Management as head of the alternative investment division. He left in August 2002, after Morley decided to assign its resources to other areas of its business .

Founding Titanium later that year, Mr. Manduca opened its initial fund, the Titanium European Equity Fund. Alastair Anderson manages the fund and joined Titanium from Morgan Stanley, bringing with him a hedge fund track record. The firm now has US$400 million in assets, according to Mr. Manduca.

He added that the firm is still actively looking for asset management teams with track records to help add strategies at Titanium. According to a news release, the firm is looking in both global equities and fixed income, including global macro, as potential future strategies in 2004.

“Our operating infrastructure was established at the outset to manage several different strategies simultaneously, and we can absorb several more product strategies as soon as we identify top quality managers to join the firm,” said Din Bhumgara, chief operating officer at Titanium, in a statement.

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