Tullett Prebon enters capital raising arena

Interdealer broker Tullett Prebon is expanding into capital raising with the launch of a primary placement business aimed at hedge funds, private equity and other alternative investment funds.

The unit will sit within Tullett Prebon's alternative investment desk, which also provides institutional investors with secondary placement opportunities in hedge funds and private equity funds.

It will be led by Gahtan Vahidy, who has been hired from a buy-side analyst role at Erste Bank.

Vahidy previously worked with Neil Campbell, head of Tullett Prebon's alternative investment team, at fund of funds Axiom Alternative Fund.

Campbell said the primary placement team would complement the secondary trading offering. "I think there's a lot of volume left in the secondary market," said Campbell.

He said the decision to launch capital raising came about due to a shift back towards primary allocations by institutional investors. Campbell added that Tullett Prebon would be able to leverage off its wide relationships with both potential investors and emerging managers.

"To have buy-side experience is good in originating and servicing managers," Campbell said.

Campbell said the offering would be "bespoke" taking advantages of opportunities as they presented themselves.

He said Tullett Prebon hoped to eventually be able to have staff working in the primary placement team in several of the company's overseas offices.