Five former GLG employees have been given the green light to start trading in their new hedge fund by U.K. regulators.
Financial Times reported that Zach Mecelis, Toby Mitchell, Jakob Moberg, Peter Murphy and Rolanos Stikovas launched Covalis Capital and was finally granted approval by the Financial Conduct Authority two weeks ago.
The Europe-focused fund bets on utilities, infrastructure, renewables and commodities companies. While its current assets under management was not disclosed, the firm is looking to raise additional capital.
Prior to the fund’s approval by the FCA, it operated through regulated platform Mirabella Financial Services.