Vikrant Bhargava, a co-founder of online gaming giant PartyGaming plc, has decided to try his hand at the investment management business with the launch of a new fund of hedge funds to be based in Gibraltar.
According to a report in the UK's Times newspaper, Bhargava will be a director of the new fund, to be known as Sirius, and will also invest some of his own considerable fortune.
Two months ago Bhargava, along with fellow PartyGaming co-founders Anurag Dikshit, Ruth Parasol and Russell DeLeon, offloaded millions of shares in the company less than a year after it floated on the London Stock Exchange, raising a massive GBP5.5 billion in new capital in the process.
The Times reported that Bhargava sold 67 million PartyGaming shares worth GBP232 million, leaving him with a holding of just under 7%.
Funds of hedge funds invest across a basket of hand-picked single hedge funds in an attempt to spread exposure across top-performing fund managers while at the same time spreading the risk.
According to the Times, Sirius will be managed by David Linsley, a former director of Cross Asset Management, a hedge fund bought last year by RAB Capital, the quoted investment group.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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