Fund manager gets go-ahead to trade
An investment firm and fund manager supported by Enterprise Ireland has been cleared by the Central Bank to start trading in Ireland.
Gandon Alternative Fund Management, which was set up by David Cullen and Michael Logan, has €10m in assets under management (AUM) and is aiming to have a portfolio worth €30m by the end of March.
The firm, which is backed by a €200,000 investment from Enterprise Ireland's High Potential Start-Up Programme, employs six staff but hopes to add four more by year's end.
Despite the volatility in markets, chief investment officer Mr Cullen said the firm was confident it would be able to provide good returns.
"We are focused mainly on exchange-traded futures and options that provide access to fixed income, currencies and commodities, as well as stock indices," he said.
The fund is targeting high-net-worth individuals with a minimum entry of €75,000. The fund will be five times leveraged with a risk parameter of 2pc of its AUM.
"There are a small number of fund managers based in Ireland at present but the sector is very scalable," Mr Cullen added.