Macro hedge fund manager eschews multistrats, relaunches fund he closed in 2022
Alessandro Cipollini is like a cat, but each of his seven lives so far has involved rates trading instead of roofs. In his coming eighth incarnation, he will be involved in rates trading again, and in a capacity not dissimilar to his seventh.
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Cipollini is understood to be relaunching Ermitage Investments LLP, the macro hedge fund he founded in 2020 after leaving ExodusPoint, the multistrategy firm. Companies House filings show that Ermitage was dissolved in 2022.
Cipollini is a veteran macro trader and was a senior portfolio manager at ExodusPoint. He didn't respond to a request to comment for this article, but he could presumably have formed a pod at another multistrategy firm if he'd wanted. Instead, Cipollini is going it alone. Again.
Ermitage is expected to relaunch later this year with $500m in assets under management and regulated offices in London and Abu Dhabi. The Abu Dhabi business will seemingly be part of a broader platform for regulatory purposes. The resurrected fund will focus on relative value trades relating to interest rates and to fixed income volatility - Cipollini's speciality.
It helps that macro volatility strategies are back in fashion. In true non-pod style, Cipollini is expected to be the only portfolio manager at Ermitage, which allegedly has aspirations to reach $1bn+ of AUM. He may, however, be supported by a team of researchers and execution traders who have yet to be hired.
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