Monument Securities, the London-based financial advisers where economics guru Stephen Lewis is Chief Economist, today announced the launch of the Marcellus Fund, a hedge fund investing in European equities.
The Marcellus Fund will be managed by Grant Cullens, 39, who ran funds valued at over $500 million for Pictet et Cie, the Genevan private bank, until September this year. He was previously Head of UK Retail Funds at Lloyds TSB with responsibility for some $5 billion.
Monument Securities has established a new division, called Monument Investment Management, to manage the Marcellus Fund. It will be run from a separate office. “Monument Securities will be one of a number of firms from whom we will take ideas,” say Grant Cullens. “We will be adopting a highly disciplined approach to investment selection, with an emphasis on fundamental analysis and research. The Fund will adopt strict risk limitation measures.”
The Marcellus Fund will take long and short positions up to a net 20 per cent bias in either direction. Bermuda-registered, the Fund will be listed on the Irish Stock Exchange. Trading in its shares commences today.
“We have known and admired Grant Cullens as a client ever since Monument opened its doors eleven years ago,” says Martin Burton, Monument Securities’ Chief Executive. “His funds have consistently performed well. We are delighted that he has agreed to manage this Monument hedge fund. The City is currently experiencing difficult market conditions. We experienced a similar climate when Monument Securities was formed, in 1991. Our view is that such environments often represent the best opportunities. Hedge funds will continue to play a significant role in the industry and the launch of Marcellus underlines Monument’s long-term strategy to continue to be a leading provider of independent financial services. Our plan is for the Marcellus Fund to be the first of a stable of funds run by our new division.”
Monument Securities, which acts solely as an adviser to its clients, says it has special expertise in equity and derivatives markets. Previously known as Monument Derivatives, the firm changed its name in May this year. At the same time, Brian Winterflood, founder of Winterflood Securities, was appointed to the board as non-executive director.