SYZ, A&G Fondos Launch Hedge Funds of Funds

May 23 2007 | 10:57am ET

Swiss banking group SYZ & CO and Madrid-based asset management firm A&G Fondos, Asesores y Gestores Financieros Fondos today unveiled two Spanish-regulated funds of hedge funds: AYG SYZ Multi Strategy and AYG SYZ Low Volatility vehicles. Both offerings should be approved in the coming weeks by the CNMV, the Spanish regulator, according to the firms.

New Spanish regulations on funds of funds require the fund manager to be a Spanish entity holding a specific license for that purpose. A&G will act as manager of the new offerings and will be in charge of their marketing in Spain, while SYZ & CO will advise A&G through its alternative management division, 3A SA.

The AYG SYZ Multi Strategy fund will invest in a diversified portfolio of hedge funds, combining different strategies such as equity long/short, arbitrage, global macro, market neutral, and managed futures. The AYG SYZ Low Volatility fund will also invest in a diversified portfolio of hedge funds, but concentrating on the least volatile strategies, to offer a steadier potential return with a lower risk level, according to the firms.

The two funds will be euro-denominated, with a minimum investment of €100 (US$135). An annual management fee of 1.5% will be charged for both funds and a performance fee of 8% for the Multi Strategy and 5% for the Low Volatility.

Asesores y Gestores Financieros was founded in 1987 and focuses on managing private assets. In 2005, A&G Fondos SGIIC, the group’s investment fund management company, obtained its European passport from the Luxembourg regulator CSSF. At the end of April, A&G Fondos SGIIC managed a total of €337 million (US$453.6 million). Assets managed by the entire group totaled €2.9 billion (US$3.9 billion) as of the end of April.


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