Amber Capital has launched the Amber Equity Fund, a UCITS version of the Amber Italia Equity Fund on the Alpha UCITS platform.
The Amber Equity Fund is managed by Amber Capital Italia, a Milan based asset Management Company established in 2001 by Joseph Oughourlian, founder of the Amber Capital Group with main offices in London and New York.
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Amber Capital Italia has converted its almost four-year old Italian domestic fund, Amber Italia Equity, into a UCITS fund called Amber Equity Fund, which was already managed by Giorgio Martorelli, portfolio manager of Amber Capital Italia.
The Fund aims at returning consistent absolute returns by investing on a long/short basis primarily in European equities, with a focus on Italian investments.
Amber believes that the fund will provide the opportunity to raise further assets, not just in Italy but in Europe and in the rest of the world as well. The target for the fund remains professional institutional investors.
Amber Capital Italia SGR will be the distributor for the fund and plans to file with CONSOB (through the CSSF) the notification to offer the shares of the fund in Italy and eventually to passport it in other European countries.
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By GlobalDataThe firm’s aim is to grow the fund from about USD80m to USD150m in the following six months and to USD250m in the following 18 to 24 months.
Alpha UCITS is a London based company founded in 2009 by Stephane Diederich, formerly a partner at Brevan Howard Asset Management.
Diederich said: "Amber Capital organised a very thorough due diligence on most established UCITS platforms in order to launch its first UCITS fund. The Amber Equity Fund is quite unique and will expand the current UCITS product offering."
The Amber Italia Equity fund’s performance since inception in November 2009 has been +21.94%, compared to a FTSE MIB Index performance over the same period of -26.13% and the fund is up 10.41% YTD as of 31 August 2013.
