London boutique gains AM licence in Monaco

London-based alternative investment advisory firm Tyndaris has been granted an asset management company licence by the Monégasque financial market regulator, the CCAF, International Investment‘s sister publication, InvestmentEurope, has reported.

The licence enables Tyndaris to manage foreign – that is, non-Monaco-domiciled – collective investment funds from Monaco, as well as to advise and help with the management of financial portfolios for third parties; the management of Monaco-domiciled investment funds; and the execution of trading orders for third parties.

Monaco’s state minister formally approved the status of Tyndaris in April.

Tyndaris, which has its offices in London’s Mayfair district, was founded in 2012 by Raffaele “Raf” Costa, a former Goldman Sachs executive who was also a founding member and partner of the US hedge fund manager GLG Partners, acquired by Man Group in 2010. He is the company’s chief executive and chief investment officer.

Costa will divide his time between London and Monaco, a spokesperson said, adding that the jurisdicition made strategic sense for Tyndaris right now, as the firm has a number of investors based in the region.

The company’s partners include seasoned alternative investment management professionals who have come to Tyndaris from, in addition to Goldman Sachs, GLG Partners and Man Group, Deutsche Bank, Goldman Sachs, Citigroup, JP Morgan, Merrill Lynch and EY.

The Tyndaris boutique runs two strategies, one being a real estate fund overseen by Clark Coffee and David White, and the other focusing on the global convertible bond universe, managed by Eric Daniel and Damien Regnier.

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