Sal. Oppenheim, Europe’s largest independent private bank, is launching its first single-manager equity hedge fund as part of an expansion of its alternative investments business. The SOAR European equity fund invests in European small and mid-cap equities, with a focus on western Europe, particularly German-speaking countries. The fund can also make selective investments in eastern Europe and Turkey. Cologne-based Sal Oppenheim jr & Cie will invest seed capital of around €50 million into the fund, which will be advised by Zurich-based Bank Sal Oppenheim jr & Cie (Schweiz). Sal Oppenheim has been increasing its activity in alternative investment since launching the Sal Oppenheim Figaro Currency Fund in 2005. In June it took a 3 per cent stake in GLG Partners, the largest independent alternative asset manager in Europe with assets under management in excess of $20 billion. The stake gave Sal Oppenheim access to more than 40 high performance funds managed by GLG that focus on alternative single manager and traditional investor strategies. Sal Oppenheim, which has been family-owned since its foundation in 1789, relocated its headquarters to Luxembourg in July this year. Together with German bank BHF, which it acquired in 2005, the group manages over €148 billion of assets and employs around 3,800 people in Germany and the rest of Europe.