New Fund Launched by Former Bulgari SpA Head and Two Partners

November 3, 2019 James Heinsman In the News

Francesco Trapani, former CEO of the upscale Italian Jeweler Bulgari SpA, with Marco Taricco and Giuseppe Bivona, is launching the Bluebell Active Equity Fund on November 11.

The fund will open with about 50 million euros ($55.7 million) under management. Taricco and Bovona founded Bluebell Partners together in London, while Trapani ran Bulgari for almost 30 years.

The opening is a big step for the three partners who have been working for the past five years with Elliott Management, Jana Partners and other financial services companies in the United States and in Europe to manage activist campaigns. The Bluebell fund will emphasize European companies with market caps of between 2 billion and 15 billion euros.

Activist investors usually strengthen their control of a company, and then use that power to push for changes in the business in order to elevate share price. Activist investing is a well-established practice in the United States, in which hedge funds are often at odds with the management of the companies the hedge funds control. In Europe the phenomenon is less ubiquitous, occurring only about 25% as often in Europe as in the US, according to data from Bloomberg.

Bluebell Active Equity Fund, Francesco Trapani,

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