LONDON (Reuters) - Hedge fund East Lodge, founded by ex-CQS portfolio manager Alistair Lumsden, has opened to external money, a letter to investors seen by Reuters showed.
East Lodge has launched the East Lodge Capital Credit Opportunities Fund and is targeting assets under management of $250 million within three months, a source close to the company added.
Lumsden previously managed $3.2 billion for hedge fund CQS, with a focus on asset-backed securities.
Estimated performance during April, when the fund used just internal money, was 4.27 percent, the investor letter showed.
(Reporting by Simon Jessop; editing by Chris Vellacott)