Erste Readies First UCITS Fund Of Funds

Nov 12 2010 | 2:16am ET

Austria’s Erste Group Bank is jumping on the UCITS III bandwagon with a new fund of hedge funds set for launch next year.

Erste’s ESPA Alternative Diversified Fund will debut in January, HFMWeek reports. It will be the Vienna-based firm’s first UCITS-compliant offering; the firm currently manages some US$650 million in multi-strategy funds of funds.

The new fund will be seeded with €50 million by the firm, although Erste expects it to be managing outside money—primarily from local Austrian investors—when it launches. It will be managed by Mark Cachia and the rest of Erste’s alternative investments group, and will include between 15 and 20 underlying managers.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.