* Fund reopened from April 1 - letter
* Gemsstock had closed in June 2016 after raising $800 mln
* Additional capital would take assets to $1.2 bln
By Maiya Keidan
LONDON, April 11 London-based Gemsstock is
seeking to capitalise on strong demand for hedge funds focused
on macroeconomic trends as it aims to raise $400 million in
fresh capital, documents seen by Reuters showed.
"Macro" was the most in-demand hedge fund strategy for
investors in the first two months of 2017 and the final quarter
Gemsstock had closed to fresh investment in June 2016 after
raising $800 million since between its launch in January 2014
and last summer, a source close to the firm said.
The firm, which specialises in trading macroeconomic events
mainly using currencies and bonds, opened to new investor
capital from April 1, the documents showed.
An injection of $400 million would take Gemsstock assets to
$1.2 billion. Just 17 macro hedge funds in Europe have assets of
more than $1 billion, according to data from industry tracker
Gemsstock made gains of 19.8 percent in 2016 and 3.7 percent
in the first two months of 2017, when the average macro fund
made 1.04 percent in 2016 and 0.34 percent in the year to
February, according to data from Hedge Fund Research.
The firm was started by ex-Moore Capital trader Darren Read
and his co-founder Al Breach.
(Reporting by Maiya Keidan; Editing by Keith Weir)