Jabre Capital, the hedge fund group founded late last year by Philippe Jabre, the star hedge fund manager from GLG Partners who was given a record individual fine of £750,00 by the UK regulator, is raising a second hedge fund.

The JabCap Mangousta fund, an open-ended long-short fund with a bias to mid-cap European companies, is to be launched in early December and is expected to raise up to €500m (£347m).