Tidan, Alma launch $100M volatility arbitrage UCITS fund
What's the deal? Tidan CapitalDealroom has a profile for this one. Try Dealroom → has launched its NOVA volatility arbitrage strategy as a UCITS fund on Alma Capital's platform, raising more than $100 million from over 10 institutional investors. The Alma Tidan NOVA Volatility Arbitrage Fund went live on July 31 through Alma Platinum IV SICAV.
Who put up the money? None of the seed capital came from Alma. All of it was raised from external investors through the two firms' combined distribution efforts.
What's the endgame? The fund trades single-stock and equity index options, futures, swaps, and foreign exchange. It targets pricing discrepancies across strikes and maturities that arise when hedging, market flows, and behavioural biases distort supply and demand for options — imbalances that tend to widen in periods of stress. The strategy has an estimated capacity of about $4 billion.
Who's running it? The fund is managed by Magnus Linder and Dennis Karlsson, derivatives specialists with about 20 years of experience each. Both joined Tidan in 2024 after running a similar strategy at a leading Nordic bank.
How the partnership works: Tidan handles portfolio management, trading, and risk. Alma acts as the UCITS management company and platform operator, providing the fund infrastructure and distribution to European institutional investors. The partnership is exclusive and was set up specifically for the NOVA launch, after the two firms were introduced through an industry referral.
Who's involved? Alma, founded in Luxembourg in 2006 by chief executive Henri Vernhes, has about $4.5 billion in assets under management or advisory and offices in London, Paris, and Luxembourg. It focuses on bringing specialist managers into the UCITS market. Tidan was founded in Sweden in 2021 by alumni of Brummer & PartnersDealroom has a profile for this one. Try Dealroom → and is led by chief investment officer Michael Falken.
The signal: Packaging a niche derivatives strategy into a UCITS wrapper is a bid to open volatility arbitrage — typically a hedge fund domain — to European institutions seeking regulated, liquid access. There are no announced plans for further Tidan strategies on the platform, though both firms said they would be open to it.
Read more: alpha-maven.com
Image credit: Ken Lund
