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Swiss Bank Set to Launch Jabre-Managed Fund

by Paula Schaap ,Senior Reporter , January 18, 2010

Private Swiss bank Pictet & Cie is about to launch a new fund to be managed by hedge fund veteran Philippe Jabre.

The fund is a convertible bond UCITS III fund, Pictet said in a statement. It will launch Feb. 1.

For Jabre, the UCITS III fund will be the first of its kind that he will manage. The fund will concentrate on large cap companies from major global liquid markets with an average exposure of 40% in North America, 40% in Europe and 20% in the rest of the world, Pictet said.

UCITS funds were created in Europe to provide some of the characteristics of hedge funds to retail investors.

Geneva, Switzerland-headquartered Jabre Capital Management has about 50 staff and about $4 billion in assets under management.

Jabre set up his own firm in 2007, after he left hedge fund firm GLG Partners following an investigation into his trades in Japanese bank Sumitomo Mitsui by Britain’s Financial Services Authority. Both Jabre and GLG eventually settled the case and each paid $1.4 million in fines.

http://www.hedgefund.net/publicnews/default.aspx?story=10805