Permal, Strategic Investments Launch Fund Of UCITS Funds

Jun 16 2010 | 2:53am ET

With the explosive growth of the UCITS III-compliant hedge fund market, it’s not surprise that every day seems to bring a new fund of UCITS hedge funds.

The latest comes from the Permal Group and Strategic Investments Group. The two firms have launched the Active Trading Fund, which will invest only in UCITS-compliant funds and—in another move designed to assuage cautious investors—only through managed accounts.

“When we surveyed the universe of UCITS funds out there, we found they were not of a standard to meet our requirements,” Permal’s Omar Kodmani told the Financial Times.

Permal has raised US$250 million for the new fund. The firm will select the managers to be included in the fund.

The Active Trading Fund will offer weekly liquidity. State Street will serve as administrator and Deutsche Bank will handle risk management.

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