Pelham Capital's Martin Starting New Long/Short Fund

Daniel Martin is planning to launch a new long/short hedge fund based in London.

The new effort, named Rye Bay Capital, will take long and short positions in a number of instruments across a variety of industries, according to a Bloomberg report. The new fund will reportedly launch in the fourth quarter of this year.

Regulatory approval for the new fund is pending; no fundraising target has yet been disclosed, although the firm is reportedly speaking with potential investors.

Martin was formerly a portfolio manager for Pelham Capital, also based in London. Pelham was founded in 2007 by Ross Turner, who was formerly with well-known U.K. investment manager Lansdowne Partners. Pelham is also a long/short equity fund.

Martin was reportedly with Pelham for seven years and left last September, according to Bloomberg. Beforehand, he was with Citigroup, where he co-led the research team responsible for European utilities.

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