07/12/2011 Author: Tony Griffiths

FX specialist Quiris Capital preps first fund

Quiris Capital, the London-based FX specialist launched last year by a trio of Morgan Stanley veterans, is poised to launch its first hedge fund, HFMWeek.com exclusively revealed last week.

The Quiris Currency Cayman Fund will debut in early 2012, having ended its initial offering period in late November, sources told HFMWeek.

The strategy – a long/short systematic currency multi-signal approach – has been trading via a separate account since February 2011 and paper trading before that. YTD performance is up 23.82%, including 4.85% in October.

Cumulative performance for the fund since trading as a separate account began in February is currently 18.7%.

Although the fund’s assets at launch are not yet known, it is believed to be currently of a modest size, with talks with a possible strategic seed partner underway.

Expectations are for the fund to have reached AuM of around $75m by the end of next year. Fund of hedge funds and high-net-worth individuals are believed to be likely early investors.   

Established in October 2010, Quiris Capital is the brainchild of Morgan Stanley veterans Justin Simpson, the new firm’s chief executive, Chris Callan, chief investment officer, and Richard Mhende, chief operating officer. The team managed over $3bn in currency funds at the US investment bank.