AXA IM Launches UCITS Fund Of Funds

Apr 8 2011 | 8:56am ET

Luxembourg-based AXA IM has joined the ranks of UCITS fund of fund managers with the launch of the AXA World Fund Multi Alpha.

The new fund will target single-strategy UCITS III hedge funds, particularly equity long short, global macro and CTA strategies. Funds will be chosen for their ability to generate alpha and offer liquidity. AXA says fund allocations will be monitored continuously to ensure diversification and minimize drawdown risk. The new fund will offer weekly liquidity.

Said Chris Manser, global head of AXA fund of hedge funds: “It can be challenging for individual investors to access hedge fund talent and capture consistent absolute returns. This space consists of a wide variety of strategies that are diverse and cyclical in nature, requiring investors to continuously monitor their exposures.”

AXA believes its expertise in hedge funds will serve it well in choosing managers who will be able to duplicate their offshore performance within the framework of a UCITS fund. Said Manser:

“We launched AXA WF Multi Alpha to offer investors access to the growing Newcits market with the benefits of built-in diversification, the active management of allocations and continuous portfolio monitoring. The Ucits III wrapper provides a useful risk management framework but does not replace the need for judicious manager selection, operational due diligence and thorough risk management, all elements that our fund of fund structure can provide.”

AXA IM currently manages  €4 billion in a range of co-mingled funds and portfolios. Registered in Luxembourg, the AXA WF Multi Alpha Fund is not currently registered for sale in any other jurisdictions.

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