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