Hedge Funds

Element to spin off from Vega incubation platform

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Having achieved an impressive two-year annualized track record of returning more than 18%, Element Capital Fund is leaving Proxima Alpha Investments.The New York macro/relative value fund's separation from Proxima, the $2.7 billion hedge fund seeding and incubation platform set up by Vega Asset Management, will take place in June. At the same time, the fund is expected to seek to boost its $220 millon of assets considerably.

Element is run by Jeff Talpins, who had previously worked as an options trader at Citibank and, before that, at Goldman Sachs. Immediately prior to launching Element in 2005, Talpin had been