Threadneedle Unveils Onshore European Hedge Fund

Oct 27 2010 | 11:59am ET

In the same week that a final deal was finally struck on new European Union hedge fund regulations, Threadneedle Asset Management said it would trade offshore for onshore for one of its top hedge funds.

The firm has launched a onshore version of its successful European Crescendo Fund called the Apex European Fund. The new vehicle is domiciled in Ireland and features the same management team as European Crescendo, led by Paul Doyle.

Threadneedle said it has received "strong support from existing investors to move to the new fund." So the firm will shutter European Crescendo, which is domiciled in the Cayman Islands, next month, it said.

European Crescendo has enjoyed annualized returns of 6.1% over the past decade, and is up 7.97% this year.

"We’re pleased to be launching this fund on the heels of our strong absolute return performance in what has been a challenging market environment for European equities," Kris Haber, global head of absolute return strategies at Threadneedle, said. "The Threadneedle Apex European Fund draws on the skill and experience of portfolio managers who have worked together for more than ten years. The fund offers access to a strategy that has delivered strong returns over the past ten years within a European-domiciled vehicle, providing greater accessibility and flexibility for investors."

The European fund is the second Caymans-domiciled Crescendo offering to bite the dust in advance of the EU rules, which will impose strict new reporting and custody requirements on hedge funds. Last month, Threadneedle said it would close its UK Crescendo Fund in favor of a UCITS III-compliant version of the long/short equity hedge fund.

The new Apex European fund charges 1.5% for management and 20% for performance. It has a €250,000 minimum investment requirement and features monthly liquidity. JPMorgan Chase serves as administrator and custodian.


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