Hedge Funds

Amber Capital takes over $1.5 billion SocGen fund


Joseph Oughourlian's investment team, which has headed Societe Generale's SG CIB Amber Fund since 1997, has spun off as an independent firm that will continue to oversee the event-driven fund.

Oughourlian's team of 16 at the newly formed Amber Capital includes Michel Brogard, who is a managing partner and COO as well as a co-founding owner of the advisory group. Terms of the management buyout were not disclosed.

Meanwhile, the French banking giant SocGen and its clients are expected to remain investors in the New York-based Amber Fund, which runs $1.5 billon. Amber's focus will continue to be value-investing