Start-up management company Brennus Asset Management has launched its first fund, investing in convertible bonds.

The London-based company was founded in 2009 by Jean Fau and Dermot Keane, who worked together at Goldman Sachs between 1994 and 2002. Prior to founding Brennus, Fau managed Susquehanna's Europe, Middle East and Africa credit and convertible arbitrage portfolio while Keane ran asset management company Plexus Partners.

John Comerford, also previously at Plexus, is the company's chief operating officer.

The Brennus Convertible Fund launched at the beginning of January. It will invest in convertible bonds on either an arbitrage or directional basis with a primary focus on the European and Asian markets. The fund is domiciled in the Cayman Islands.

Minimum investment is $250,000 or €250,000, depending on the share class. Fau said capacity was $500 million.

The fund had been launched with $30 million of partners' capital and would be marketed to outside investors later this year.

The fund's management fee is 1.5% with a 15% performance fee. Redemptions are bi-monthly with 60 days' notice.

The fund will be administered by Quintillion.