London-based hedge fund EDL Capital is moving to Switzerland. Edouard de Langlade, who used to be part of Moore Capital, has decided to take his fund out of London and join the sector in Switzerland.
EDL is a macro hedge fund started by Langlade in September 2015. Macro hedge funds bet on macroeconomic trends and events utilizing financial vehicles like bonds, stock futures, rates and currencies.
EDL Global Opportunities Fund, with $779 million AUM, rose by 3 percent in 2018, as of October 5. During 2017 the fund grew by 6 percent. Compared to the usual macro hedge fund, which had a loss of 1.8 percent so far this year and 2.2 percent returns in 2017, that is pretty good.
According to Reuters, the move is confirmed.
Exactly where the fund will set up shop in the land of clocks and chocolate is not yet known. EDL made a name for itself during the financial boom of 2016 when the fund did extraordinarily well; it grew its portfolio by a staggering 500 percent.
For the past few years the trend has been moving in the other direction, out of Switzerland. In 2014 Brevan Howard shut down its Geneva office, and Bluecrest closed shop there in 2015.