Bear Stearns targets Europe through $500m seed vehicle

Bear Stearns is aiming to get a stronger foothold in the European hedge fund market, as a silent partner in a $500m seed capital vehicle.

The Strategic Partners Fund launched on 4 April with $110m, is set to rise each quarter up to the target $500m by mid-2004.

Bear Stearns would not confirm the value of its investment.

The portfolio will eventually consist of between five and 10 hedge funds and will be managed by Liberty Ermitage, in particular by Ian Cadby, the group's executive director of

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