US-based investment bank Avondale Partners has bought a 50 per cent stake in Conquest Capital Management, a Californian-based hedge fund and...

US-based investment bank Avondale Partners has bought a 50 per cent stake in Conquest Capital Management, a Californian-based hedge fund and wealth manager.

Conquest Capital Management manages the “Bonanza Fund” hedge fund, a long/short domestic equity hedge fund, which invests in small- and mid-capitalisation companies, emphasising fundamental research.

Pat Shepherd, Avondale Partners senior managing partner, said that the firm hoped to continue the impressive performance of the fund.

"We have been impressed with the fund's track record over the last three years, with the total net returns to investors in excess of 40 per cent," he said in an interview in the US press.

Mr Shepherd added that the fund would be the first product offered by Avondale Partners to non-institutional investors.

"Our primary investors will be high net worth individuals, family offices and small endowments and institutions," he said.