Johannesburg-based Laurium Capital is launching its long short African equity fund on 1 August, headed by experienced duo Murray Winckler and Gavin Vorwerg.
The fund will go live with capital from the partners and a few high-net-worth investors, looking to build an initial track record. The pair are also talking to both local and offshore institutions, with capacity seen at R1.5 billion over 18 months.
The partners, both chartered accountants and CFA chaterholders, spent most of their careers in senior roles at Deutsche.
Winckler was most recently CEO of Deutsche Bank South Africa from 2005 to 2006. Prior to that he was Deutche’s head of global markets (equity and debt, including fixed income, foreign exchange, commodities and money markets) and also had a five-year stint from 1999 to 2004 as MD of Deutche Securities, From 1995 to 1999, Winckler was head of research and a top-rated analyst in various sectors.
Vorwerg spent the last three years at Deutsche Bank London in the strategic equity structuring group, covering Africa, the Middle East, and central Europe. He was at Deutshe Securities from 2003 to 2005, responsible for equity structuring and derivatives.
From 1998 to 2005 he was an equity analyst, top ranked in several sectors from 2000, and was Deutshe’s deputy head of research from 2003, joining the equities executive committee.
The fund will use fundamental bottom-up research, with a value bias, to generate a concentrated portfolio, with moderate leverage, and using derivatives where appropriate to enhance yield, protect asset values and minimise volatility.