David Tovey, formerly a fund manager at BlackRock until 2021, is involved in a team preparing to launch a hedge fund in London and Zurich in the first quarter of 2024.
Covale Capital, the upcoming hedge fund, aims to achieve $1 billion in assets under management across various funds by the close of 2024, according to an inside source. A spokesperson for the hedge fund has chosen not to comment on the anticipated launch or any forthcoming appointments.
The initial fund set to open on January 15 will be a Swiss equity market neutral fund, primarily engaging in trading stocks hedged against broader market fluctuations, as per the inside source. Other planned funds will involve a strategy focused on predominantly long positions with some short bets on stocks, along with a long-only fund.
The management team of Covale Capital, led by former BlackRock manager David Tovey, will feature his former BlackRock colleagues, with Shane Jackson expected to serve as the hedge fund's chief executive. While initially concentrating on Swiss equities, the fund has aspirations to broaden its focus to encompass European equities over time.