Alternative Investments

LMR’s Manuel planning new global macro hedge fund


LMR Partners co-founder Andrew Manuel is reportedly planning to launch a new global macro fund, as the alternative investment strategy regains some popularity after an upheaval of 18 months.

Manuel, who left $2.5 billion LMR last year, has started the firm with two partners, according to a Bloomberg article citing unidentified individuals with knowledge of the plans. The new company is named Ixworth Capital LLP and was registered in June 2016 in London, according to regulatory filings, and lists former LMR executives Sebastien DiMeo and Jonathan Ridgeway as officers.

Global macro funds bet on broad macroeconomic trends via equities, credit, commodities and currencies. The strategy came under significant pressure in early 2015 as volatility increased and unexpected correlations among global asset classes appeared. Several billion-dollar macro funds, includes ones from Fortress Investment Group, BlackRock, Brevan Howard and Bain Capital, either closed or have suffered jaw-dropping redemptions over the past year and a half.

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The author Paul