Mpls.-Based Whitebox Advisors Expands to London

In addition to the new London office, the local hedge fund manager now has offices in Minneapolis; Austin, Texas; and Singapore.

Minneapolis-based hedge fund manager Whitebox Advisors, LLC, is expanding into England in an effort to capitalize on investment opportunities that result from the European financial crisis.

Whitebox on Wednesday told Twin Cities Business that it recently opened a London office. It also has offices in Minneapolis; Austin, Texas; and Singapore.

The London office will initially employ two: Whitebox has hired Simon Waxley to serve as senior portfolio manager and Wafa Tawfeeq as director of operations.

“We are excited to open the London office and to have someone as renowned as Simon Waxley on board,” Whitebox founder and CEO Andrew Redleaf said in a statement. “Simon’s industry expertise and presence on the ground will be an invaluable asset as we explore European opportunities.”

Amara Kaiyalethe, Whitebox’s communications director, told Twin Cities Business that the company believes that “significant opportunities in European markets will develop as a result of the recent crisis,” and Waxley “will be on the ground to help us identify the mispricings and dislocations in these markets.”

Whitebox expects the new London office “to expand moderately over time,” Kaiyalethe said.

Whitebox currently manages roughly $2.3 billion and employs 70 professionals. In January, the hedge fund manager announced plans to launch two alternative mutual funds, marking its first foray into products that are available to retail investors, although the expansion into Europe is unrelated to those funds.