Alternative asset manager Duet Group is launching a new emerging European UCITS fund this month and has recruited two former Armajaro Asset Management executives to run it.
Michel Danechi and Kalim Aziz are joining Duet as fund manager and research analyst, respectively, on the Duet Emerging European European Fund. The new vehicle is expected later this month and will come out of the gate with approximately $100 million, according to the company.
The alternative asset manager believes recent events in Eastern Europe, as well as the broader emerging European region, have created an attractive entry point for investors.
The new fund broadens Duet already strong emerging market and commodities franchise. The company’s EM product range includes frontier, Middle East/North Africa and Africa funds, as well as a range of frontier and emerging market private equity funds.
“Duet Group has experienced tremendous growth and success in emerging and frontier markets,” noted Danechi. “We are excited to join Duet and extend the firm’s franchise into emerging Europe. Our timing makes this even more interesting, since valuations there are extremely compelling, there are multiple opportunities in the region and a limited number of firms offering dedicated products in the region.”
Danechi, who was a partner at Armajaro and spent more than six years there, has over twenty years of experience in emerging markets. Prior to his Armajaro stint, he held roles at Lehman Brothers, Unicredit and Citigroup.
Azis, meanwhile, was an analyst for Armajaro for nearly four years and was previously a fund manager for Kairos. Beforehand, he was with UBM and ING.
Both men reportedly left Armajaro on June 1 after the closure of the Armajaro Emerging Markets Fund, which was launched with some fanfare in early 2009.
London-based Duet Group was founded by Henry Gabay in 2002 and has more than $5.5 billion of assets under management.
Source – FinAlternatives.