Correl Invest remains the latest asset manager to have been authorised by French financial market authority AMF on 20 October 2017.
The company was launched by Philip Hall, co-founder of Axiom Alternative Investments, and François-Xavier Delorme, former Oddo BHF AM’s head of Business Development on the alternative segment.
Both were joined by portfolio manager Remi Dhoyer who was formerly a quantitative equity analyst at Axiom AI.
“I wanted to launch a multi-strategy fund that would enable the manager to seize opportunities on various asset classes but that did not fit Axiom AI’s investment philosophy focused on subordinated debt. I was managing the Premium Multi-Strategies fund at Axiom that was launched in October 2009. We have revamped the fund’s strategy in May 2016 to now run it under Correl Invest’s brand. The fund has currently €18m in assets under management,” explains Hall to InvestmentEurope.
The Premium Multi-Strategies Ucits fund, designed as a total return fund, combines an actively managed long credit portfolio strategy and a systematic market neutral long/short equity strategy.
The net fixed income exposure of the portfolio varies from 70% to 100%. The fund was primarily invested in Tier 1 subordinated debt as at end of October 2017, favouring securities with mid-long term maturity.
The gross exposure to equities, mostly banks and insurances, through the systematic long/short strategy was 46.83%.
Correl Invest targets qualified investors from family-offices, IFAs and multimanagers as well as institutional investors in France and will thereafter enlarge its client base to Belgium and Switzerland.
The new boutique seeks to reach rapidly €200m of assets under management as a first milestone.