Germany's Aquila Offers Managed Futures Fund With Daily Liquidity

May 16 2011 | 12:39pm ET

German hedge fund manager Aquila Capital has launched what it calls one of the first managed futures funds offering daily liquidity.

The AC Spectrum Fund, which debuted earlier this month with €75 million, will invest only 10% of its assets in swaps—a provision that allows it to give investors an out everyday.

The fund was designed by risk management expert and new Aquila hire Harry Kat, who told the Financial Times that he "spent the past three-and-a-half years concentrating on it."

Kat, a former professor at London's Cass Business School, added, "I have given up teaching. This is much more fun."

In addition to its swaps bets on commodities, the Spectrum Fund employs carry and correlation strategies. The fund invests exclusively in the "most liquid futures contracts," manager Jan Auspurg said.

"We didn't see any reason why we shouldn't offer daily liquidity."


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