SilverStreet wins $500m contract

23 April 2007

Newly formed SilverStreet Capital is to announce it has secured a contract from an unnamed European firm to oversee a fund of $500 million.

News of the contract for the fund of hedge funds company follows its announcement earlier this month that it has received approval from the Financial Services Authority to trade.

SilverStreet was set up last year by Gary Vaughan-Smith and Alex Da Costa after the pair left Dutch bank ABN Amro's asset management unit.

Under Vaughan Smith's stewardship the division's assets under management grew from $50 million in 2001 to a multi-billion dollar concern by the time he left during the summer of 2006.

Commenting on the award of the contract, Mr Vaughan-Smith said: "We are delighted to have been awarded this mandate from a blue-chip European institution and to start the business at a significant size.

"Both Alex and l look forward to building a substantial, institutional quality fund of hedge funds business as we were able to do at ABN Amro."

"In our previous roles, we were instrumental in bringing hedge funds to new markets across Europe and Asia. There is a healthy appetite for alternative investments from institutional investors in particular, and we see many years of continued inflows into Alternatives from this source," Mr Vaughan-Smith added.

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