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Cringing, cowering corporate executives across the European continent have waited for nearly a year to learn what “other opportunities” Franck Tuil, one of Paul Singer’s longest-serving and most terrifying effective protégés, would pursue after his departure from Elliott Associates last year. Well, if they had hoped the answer wasn’t “them,” they might want to check out the name of Tuil’s new firm.

Tuil, who left Elliott last year, aims to launch Sparta Capital in the third quarter with more than $600 million in assets under management….

Well, that’s certainly not encouraging to anyone hoping to avoid future Singerian scorn in a French accent. Nor, frankly, is this.

The launch of Sparta Capital comes at a time when several opportunities are presenting themselves in Europe in the wake of the coronavirus and the price dislocation it has created…. Shareholder activism has been on the rise in Europe in recent years but it still accounts for a small percentage of overall campaigns globally. Out of the 102 campaigns launched so far in 2021, Europe accounted for just 19, according to data compiled by Bloomberg…. Part of that is because there are relatively few hedge funds dedicated to activist strategies in Europe when compared to North America.

Well, now there’s one more. Good luck out there.

Former Elliott Executive Tuil to Start New Activist Hedge Fund [Bloomberg]

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