Dexion Capital is in the throes of restructuring the
portfolio of Dexion Equity Alternative, the UK-listed funds of
funds that are sub-advised by K2 Advisors in the US.
Robin Bowie, founder of Dexion Capital, explained that the
original mandate for Dexion Equity was to mix equity long/short
managers with credit long/short managers, but that in the
listed field at least this cocktail was no longer popular as
judged by the widening discount. Currently, the fund, which was
launched in April 2004, has $130 million under management.