Thursday, 25 August 2016
Last updated 36 min ago
Jun 25 2010 | 7:12am ET
Coming from a country whose currency is affectionately known as the loonie, a hedge fund whose sole raison d’être is to bet against the euro may seem a bit rich. But Redwood Asset Management is going ahead with it anyway.
“We believe that these are structural issues that will take years to resolve,” Michael Yip, president of subadvisor Garrison Hill Capital Management, told the Globe and Mail of the European currency. “The European Crisis Fund provides investors a unique investment opportunity and risk management tool.”
The new fund will offer those investors a chance to “profit and hedge their portfolios from deteriorating political and economic conditions in the euro zone,” Redwood said. It is set to launch on July 12.
According to Redwood, the Garrison Hill European Crisis Fund is the first European crisis fund in Canada.