Amber Capital Lifts $350M for a New Southern Europe Hedge Fund
A hedge fund manager with $1.5 billion in assets under management, Amber Capital, has raised $350 million for a new fund targeting Southern Europe.
Amber, which has offices in London, New York and Milan, raised the money predominantly from US institutional investors. The long-only Amber Southern European Equities Fund launched on December 1 and is targeting high-quality companies in a region that was at the heart of the eurozone crisis.
Jose de la Rosa, the fund's portfolio manager, said: “We are convinced that we are seeing the stabilisation of the macro in southern Europe. We are not expecting strong growth but we firmly believe that the structural reforms since the start of the financial crisis are starting to pay off.”
A country of particular focus for the fund is Spain, which has undergone substantial adjustments to its banking system.
He also pointed to the “slow re-industrialisation” of countries in southern Europe: “In 2014, Spanish auto production will increase 50% year on year. This is not because Spaniards are buying more cars but because Spain is increasing manufacturing for exports,” he said.Source: Financial News