Adveq launches US push

Fund of funds manager Adveq is opening its first office outside Europe. The Swiss firm has hired two US private equity investment veterans to lead a new office in New York, as it looks to strengthen relationships with US fund managers.

Swiss-based fund of funds manager Adveq has opened its first US office, as it seeks to expand its international presence and offer additional services to its US-based private equity fund managers.

Adveq has been investing in US funds for several years, but this is its first office outside Europe. Chief executive Bruno Raschle said the move was a “reflection of where the market is going in the future”, given the increasing globalisation of the industry and the need for fund of fund managers to provide “value-add” services to general partners and investors.

Raschle said this could involve providing investors “who work in very well-defined markets and segments” with a more global perpective. He added that his firm had carried out its benchmarking on a global basis since inception, so the opening of the US office was “a natural progression”.

Adveq has hired two local professionals to spearhead its push into the US. Lee Gardella, who joined the investment management team in May as an executive director, previously worked at US Trust subsidiary CTC Consulting, with a focus on private equity and alternative investments. Steven Yang, who joined as a vice president in May, is a former investment analyst for Welch Capital Partners. His most recent role was as a portfolio manager at Beagle Limited, a US family office, where he looked after private equity investments in the technology sector.

Both Gardella and Yang have already been working for the firm in Zurich prior to the opening of the new office.

Raschle said there were no immediate plans for other overseas offices, since the firm was concentrating on the US for the time being.