Ermitage Launches Euro Multi-Strat Hedge Fund

Feb 6 2007 | 9:47am ET

Jersey-based Ermitage Group on Feb. 1 launched its European Multi Strategy Fund with over $30 million. The Caymans-based fund features both directional and arbitrage strategies, with allocations made to European event driven, fixed-income, equity long/short and volatility strategies, as well as commodity managers.

The fund is currently invested in 15 undisclosed managers and “aims to offer institutional investors access to a diversified source of alpha generating opportunities across Europe,” according to the firm. “With the EU expanding and maturing, European-based managers are well placed to take advantage of compelling valuations, increased M&A activity and market inefficiencies.”

The fund charges fees of 1.5/10 with a $100,000 minimum investment requirement. It is targeting annualized return of Libor plus 500 basis points and offers monthly subscriptions and redemptions with 90 days' notice required for redemptions.

Ermitage currently manages some $2.6 billion in total assets under management.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...