Launches & Closures

Madrid-based group Cygnus grows with rejigged Shelter Island event-driven fund


Cygnus Asset Management, the Madrid-based firm that manages $650 million in its long/short fund focused on the European utilities sector, has rolled out an event-driven strategy managed by former Shelter Island co-founder José Luis Pérez.

José Luis Pérez and Isabel Serra

Cygnus Europa Event Driven launched on 1 July and has made a solid start, posting a 2.20% return since inception. This has been achieved with relatively high cash levels: the fund has been running with an average gross exposure of 50% and an average net of 16% since launch.

Pérez previously co-managed the