Saturday, 28 March 2015
Last updated 15 hours ago
Apr 19 2007 | 10:31am ET
London-based Fortune Asset Management hopes to almost triple the size of its Market Wizards Fund with a London listing that could raise as much as £200 million (US$401 million).
The fund of funds—run by high-profile manager Jack Schwager—gives itself and its investors a greater measure of flexibility by opening managed accounts with hedge funds, rather than investing in hedge funds themselves. The scheme is designed to allow for daily performance tracking, and offers investors weekly net asset values and 15-day notice for withdrawals.
The money raised by the listing will be pooled with the £74 million (US$149 million) already in the Guernsey-listed fund, Citywire reports. The strategy currently employs 24 managers, including an unusually large number of options traders, who make up nearly one-fifth of the portfolio, and an unusually small equity market exposure, estimated at less than 10%.
The fund of funds charges a 1% management fee and 10% performance fee on all returns exceeding LIBOR, and it will rebate 0.5% of fees to investors who remain in the fund for more than one year. The minimum investment requirement is £10,000 (US$20,100).
Fortune is the hedge fund unit of London-based Close Brothers.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…