Duet Gets Aggressive With New Fund

Feb 16 2012 | 2:51am ET

London-based Duet Group bets that its clients are feeling frisky.

The hedge fund has opened a more aggressive version of its flagship market-neutral strategy to outside capital. The fund was introduced in August 2010 and currently manages $70 million, most of it internal capital with one institutional investor, HFMWeek reports.

"We had many investors who wanted the pure alpha generation, consistent returns and downside protection of the flagship but with higher performance," Jason McNab, chief investment officer and fund manager, told HFM. "We had a huge opportunity set of slightly higher volatility trades with excellent risk/reward that we were not taking advantage of, so it was logical to create a new fund."

The Duet Global Plus Fund hopes to return between 15% and 20% annually, although since its debut it has managed only a 15.2% total return. While it can invest globally, the fund focuses on European catalyst event trades. It has a capacity of $2 billion.

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