LONDON Feb 6 Former Millennium Capital
Partners' portfolio manager Michael Cowley plans to launch
equities hedge fund Sandbar Asset Management later this year,
three sources close to the matter told Reuters on Monday.
Cowley could launch his equities hedge fund with up to $300
million by the end of the second quarter, said one of the
sources, while a second said Sandbar would launch with closer to
The fund will take a global so-called "market neutral"
approach using equities, a strategy that is supposed to preserve
capital in any market, said a third source.
Cowley previously ran a hedge fund in 2011 under the name MC
Squared Global Investors with funding from one U.S. investor,
the third source said.
MC Squared Global Investors was deregistered from British
regulator the Financial Conduct Authority (FCA) in December
2013, FCA filings showed.
Cowley most recently had a stint at Millennium Capital
Partners between May 2014 and January 2017, according to FCA
He is joined by chief operating officer James Mabey, who was
also previously registered as a partner at MC Squared, according
to the first source and UK Companies House filings.
Analysts from Millennium are expected to join the team, said
the first source.
(Editing by Mark Potter)