Lion postpones launch

Lion Capital Group AG has postponed the launch of three funds that were due to begin trading on 1 February 2001.

The LCT Multi-Manager Fund Limited and the LCT US Long/Short Equities Fund and the group's long-only fund, the LCT US Group Rotation Fund are, expected to begin trading within two months.

Markus Jordi da Costa of Lion Capital said: "We are waiting on a couple of big investors, who would like to be with us from the beginning and we have decided to make this concession to them."

Da Costa added that he is looking for European institutional investors to bring the assets of all three funds to an aggregate of about $50m.

The group is also planning to launch a gold fund that will be managed by a Swiss banker who cannot yet be named under the contract with his previous employer.

Da Costa anticipates that this fund will launch in the middle of this year. He says: "Now is the right time for a fund of this sort. In the next few years it will be hard to make money just on long/short equities. We are already seeing a shift towards commodities."

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