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Derivatives

Boston Hedge Fund Begins European Fundraising

Pythar Capital began fundraising in Europe last week for its telecom, media and technology long/short equity hedge fund and is also in the process of fundraising in the U.S. The fund will initially look to raise USD25-40 million (DW, 7/8) and expects to start trading on Nov. 1 or Dec. 1, said Doug Ashton, one of the joint managers of Pythar.

The fund has brought on board Nick Nesta as a trader in Boston from JAS Securities, a New York-based hedge fund. Nesta said it will use exchange-traded funds and indexed futures to create a long-short portfolio as close to market neutral as possible. However, eventually the fund will use both listed and over-the-counter equity options--including equity collars--both as a hedge and to increase portfolio returns.

The fund's target return is 15-18% with one-and-a-half times leverage. The fund has selected Morgan Stanley as its prime broker.

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