UPDATE 1-Hedge fund Lansdowne to spin-off new energy-focused company

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LONDON, March 25 (Reuters) - London-based hedge fund Lansdowne Partners plans to spin off two funds managed by one of its partners into a new company later this year, it said in a statement on Thursday.

The company will be headed by Per Lekander and will be called Clean Energy Transition LLP.

The transition to the new company will take place in the fourth quarter of this year.

“Lansdowne Partners will have a significant, long-term financial interest in Per’s new business and will provide it with back and middle office infrastructure, under a Service Agreement,” it said.

Lekander, who joined the fund in 2014, had nearly $2 billion in assets under management (AUM), according to a source familiar with the matter.

He manages the $1.4 billion Lansdowne Energy Dynamics Fund, a long/short equity fund which gained 35% last year, the source said.

The fund invests in core energy sectors including oil and gas, renewables, utilities as well energy linked sectors like capital goods, transport and mining.

He also manages the $500 million Lansdowne Clean Energy Fund, a long only equity fund, which gained 44% in 2020, the source added.

That fund invests in clean generation equipment, new energy technologies and renewables operators, among other things. It excludes investments in coal, oil and gas extraction companies and is committed to not investing in companies listed on the Carbon Underground 200. (Reporting by Ahmad Ghaddar; Editing by Elaine Hardcastle, Kirsten Donovan)