F&C’s Garnet Fund Targets Institutions, Hedge FoFs

Jun 28 2007 | 10:57am ET

F&C Alternative Investments is raising money for its F&C Garnet Fund, which launched last November with capital from existing F&C investors. The fund, which invests in the foreign exchange volatility and forward rate-bias space, is now targeting institutional investors, funds of hedge funds and other investors.

Garnet is part of F&C's Gemstone hedge fund range and is managed by Stephen Dolbear. Its strategy portfolio concentrates on capturing the varying risk premiums embedded in FX volatility and forward rate bias positions.

“There are many participants in the FX options arena and past history indicates that there has been a tendency for options to be slightly expensive,” said Dolbear. “Our fund buys and sells volatility instruments to profit from temporary anomalies.”

The Garnet Fund is listed in Dublin, Ireland, and requires a minimum investment of €500,000 (US$672,000). Its management fee is 1.5% and its performance fee is 20% with a high water mark.

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