Thursday, 21 August 2014
Last updated 13 hours ago
May 3 2010 | 10:45am ET
Merrion Investment Managers is throwing its hat into the UCITS III ring.
Not only is the fund, which debuted on April 16, Merrion’s first UCITS-compliant hedge fund vehicle, it’s also expanding beyond a few other comfort zones. The Merrion European Absolute Return Fund is the firm’s effort to attract investors beyond its traditional Irish base and its stable of traditional funds, HFMWeek reports.
The new fund, seeded with €20 million, is managed by former Pengana Capital managers Michael Nicol and Alistair McDonald. The vehicle employs a long/short equity strategy across Euripean markets, with a €250,000 minimum investment and fees of 1.5% for management and 20% for performance.
Merrion, which already boasts three long-only UCITS-compliant funds, is targeting the European Absolute fund at institutional investors. The firm is reportedly in talks with several British funds of hedge funds and pension funds, as well as several European banks about a distribution deal.
“We don’t see UCITS as a retail product,” Merrion business development chief Kevin Gallacher told HFMWeek. “Initially, we’re hoping to use it as another wrapper to deliver hedge fund strategies to institutional investors.”
Gallacher also said the fund is unlikely to be Merrion’s last UCITS-compliant hedge fund.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note