FIM Launches Event-Driven Fund

Apr 10 2007 | 1:48pm ET

U.K.-based fund of hedge funds adviser FIM Advisers is adding to its family of funds with the launch of the FIM Event Driven Fund. The new Cayman Islands-domiciled offering, which brings FIM’s total lineup to nine, will launch on May 1 with assets of around US$50 million provided by the firm’s existing long-term clients.

The new vehicle will invest in 15 to18 underlying managers and seeks to outperform the HFR Event Driven Index on a gross basis, which has historically generated annualized returns almost 12% over the last five years, according to the firm.

The new fund was launched to take advantage of an increasing amount of mergers and acquisitions activity buoyed by private equity firms. “A number of very positive dynamics at play in the M&A market support the bullish outlook for the strategy, not least the ever-increasing buying power of private equity shops, the significant amount of cash on corporate balance sheets, the increased amount of hostile M&A activity, the prevalence of competitive bidding situations, and supportive credit markets,” the firm said. “As when the economy weakens and a pick up in corporate defaults becomes apparent, then the fund would be repositioned to be more focused in other areas of the event driven space.”

The FIM Event Driven fund charges incentive fees of 5% and a 2% management fee, with a minimum investment requirement of US$1 million or €1 million.


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