Friday, 29 August 2014
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...