Park Place To Open Italian Office

by Carla Johnson, Investors Offshore, London

07 February 2002

London-based hedge fund manager Park Place is to open an office in Italy as well as initiating an incubator intitative. Last year, the firm established an affiliate office in New York to provide more direct contact with U.S. investors and new US funds for US investors.

Park Place has incorporated a Societe di Gestione del Risparmio Speculative (SGRS), a hedge fund management company, in Milan to capitalise on Giuseppe Ciardi's experience and contacts in the Italian market. Ciardi, one of Park Place's founding partners, is the firm's chief investment officer.

Hedge funds have become increasingly popular in Italy since Banca d'Italia has licensed 13 SGRSs after changes in legislation last year. Park Place is also incubating a hedge fund called Libra Europe, a European equity hedge fund run by Roberto Bogoni and Bruce Mee.

The Park Place International Limited "A" European Equities Fund, which was started in 1994, has been renamed Park Place Europe Limited. At the same time, a new U.S. sister-feeder fund, Park Place Europe LLC, has been launched for qualified US taxable investors.

The Park Place Europe sister funds are managed by Park Place Capital Limited, a Long/Short European Equity Manager, based in London. In addition, Park Place Capital also manages the Park Place Galileo funds as well as the Polaris Prime EuroTech fund.

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