Spanish Firm Readies Hedge Fund Aimed At Retail Investors

Jun 26 2007 | 10:28am ET

Madrid-based Altex Partners this week is launching the Altex Bajo Riesgo fund, a global multi-strategy fund of funds. The new offering is targeting retail Spanish investors.

Carlos Dexeus, Altex’s managing partner, said the fund of funds’ appeals to retail investors because of is its low volatility and lack of correlation to the equities market.

“There will be very few long/shorts, if any, so it will be mainly relative value,” he said. “It will be managers trading a particular arbitrage, which is providing a lot of alpha, or funds with very low volatility. A lot of American managers will be in the portfolio and not too many emerging managers because they tend to be too correlated for this particular strategy.”

Dexeus anticipates a portfolio in excess of 15 managers “once the fund is in maturity.”

For tax purposes, the offering will start trading with only €300,000 before opening the floodgates for additional capital the following month, according to Dexeus.

Altex Bajo Riesgo charges a management fee of 1.75% with a minimum investment requirement of €1,000.

Dexeus previously served as a former co-head of the investment banking division of Barclays in Europe before founding Altex in 2003. The firm currently manages
US$200 million in total assets in two funds of hedge funds, as well as separate accounts and structured products.

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