US wealth firm takes on veteran European fund of hedge funds

The Turnstone European fund, one of the oldest fund of European hedge funds, is changing its name and management company next month, although industry veteran Amanda McCracken will remain at the helm.

Turnstone International Limited will be replaced as management company by Pan Reliance Capital Advisors, a New York $210m multi-manager co-founded by Amanda Haynes-Dale, Justin Lowe, and Trevor Uhl, according to a stock exchange announcement circulated yesterday.

McCracken will join Pan Reliance, and become a member of its investment committee, but also remain lead portfolio manager of the fund of funds she founded.

The fund’s name will change to Reliance European Fund SPC, though will not change service providers or directors “at this time”, the announcement said.

The product seeks to unearth and invest in “the very best long/short managers in Europe”.

Doing so, Turnstone’s European strategy fell only 6.8% in 2008, according to figures from the Mayfair-based company’s website. European shares slumped at least 40% depending on the market, while global equities fell 43%.

The average fund of hedge funds lost 21.4% of its value, according to Hedge Fund Research.

Turnstone’s performance that year reflects the view of French industry peer ERAAM that European hedge fund managers generally perform well in broader market downturns.

Turnstone’s fund has made between 4.5% and 4.8% in the following two years, but was 5.1% off this year to 31 July, according to the company’s website.

Between launching in February 2001 and the end of 2010, the fund made an average 5.94% per calendar year, charging the industry standard 2% of assets and 10% performance, subject to making good past losses.


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