Scottish Widows Investment Partnership’s (Swip) former head of UK equities Peter Cockburn and several of his ex-colleagues have set up a boutique and plan to launch a UK equity long/short hedge fund.
Cockburn (pictured) will be chief executive of the new venture, Clear Peak Capital. He is joined by former Swip investment directors Fiona Laver, who will head operations, Chris Fontenla, who ran the Swip UK Income fund, and Risto Oja, who formerly ran institutional money.
The company has received regulatory approval and is in the process of raising money for a long/short UK equity hedge fund. It is understood that the fund will target a rolling three-year return of Libor plus 8%, with annualised volatility no greater than 12%. It will offer monthly dealing.
Cockburn left Swip in May 2012 after the fund group overhauled its investment team by cutting regional equity desks and moving funds over to the firm’s quantitative trading strategies.
He ran the Swip UK Opportunities and UK Advantage funds, and formerly managed the New Star UK Equity and UK Smaller Companies funds.
Fontenla ran the Swip UK Income fund between January 2010 and May 2012.
The team at Clear Peak were unavailable for comment.