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Monday, 22nd April 2024
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Merrion, Goodbody ready hedge fund launch Back  
Dublinbased financial services groups Merrion Capital and Goodbody Stockbrokers are getting ready to follow Davy Stockbrokers and NCB Stockbrokers in launching hedge funds.
BBoth will launch its first hedge fund in the coming months, pending regulatory approval from the Irish Financial Services Regulatory Authority (IFSRA).

The Merrion LongShort Equity Fund will take a dynamic multifactor approach to covering the DJ STOXX 600 index, targeting annual returns of 1520 per cent on low volatility. On approval as a Professional Investor Fund by IFSRA, the minimum investment will be €125,000. The managers hope to raise €10 million seeding capital from Merrion and Irish high net worth individuals. Capacity will depend on the strategies employed, said fund manager Paul Deeney, but is estimated at €300-400 million.

Deeney recently joined Merrion from NCB Stockbrokers along with David Conlon, Ciaran Duffy and David Grainger joined Merrion on 10th May 2004. Deeny had been involved in running the NCB European Select Fund, which is a long/short equity market neutral fund. As of October 10th, 2003, the investment in the fund was around €38 million.

Goodbody Stockbrokers is also working on launching a hedge fund, and according to Brian Gray, who joined Goodbody from Montgomery Oppenheim to establish an alternative investment division last year, the fund will be launched over the coming weeks.

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