04/03/2010 Author: Elana Margulies

Beresin Loshak start-up launches first hedge fund

Craig Beresin, formerly of Barclays Capital, and Alvin Loshak, previously of Credit Suisse, have set up their maiden hedge fund, supported by a number of seed deals from high-net-worth investors.

According to an HFMWeek source, the duo formed New York-based Beresin Loshak Asset Management and the flagship hedge fund, called the Beresin Loshak US Fund, launched 1 March. The offering is a value-driven global macro fund which runs a derivative overlay strategy. It debuted with approximately $25m and has an initial capacity of $100m.

The fund has a $1m investment minimum, 2/20 fees, no lockup and quarterly liquidity with 30 days notice. Merlin Securities is the introducing broker and Goldman Sachs and JPMorgan are the prime brokers. Beresin and Loshak are the fund’s portfolio managers.

Beresin was previously a director at Barclays in the wealth management division, where he constructed and managed portfolios for individuals and advised family offices and institutions on their investment programmes. Prior to Barclays, he was a senior vice president in Lehman Brothers’ equity division where he developed and implemented trading strategies for hedge funds with a wide variety of mandates.

Prior to the new launch, Loshak was most recently a director and global head of USD exotic interest rate derivatives at Credit Suisse. His career at the bank spanned 11 years, during which he traded a variety of strategies and asset classes including equity, foreign exchange, interest rate and hybrid derivatives. He began his career at Barclays Capital.