Newly formed SilverStreet Capital has secured a contract from an unnamed European firm to oversee a fund of $500 million.
News of the contract for the fund of hedge funds company follows its announcement earlier this month that it has received approval from the Financial Services Authority to trade.
SilverStreet was set up last year by Gary Vaughan-Smith and Alex Da Costa after the pair left Dutch bank ABN Amro’s asset management unit.
Under Vaughan-Smith’s stewardship the division’s assets under management grew from $50 million in 2001 to a multi-billion dollar concern by the time he left during the summer of 2006.
“We are delighted to have been awarded this mandate from a blue-chip European institution and to start the business at a significant size,” Vaughan-Smith said. “Both Alex and I look forward to building a substantial, institutional quality fund of hedge funds business as we were able to do at ABN Amro.”