Monday, 27 April 2015
Last updated 1 hour ago
Apr 24 2012 | 7:59am ET
A Luxemburg-based UCITS fund of funds has waived its management fees.
The Axiom UCITS Alternative Investable Index Fund, an investable index of UCITS hedge funds, has waived its 1% management fee to “better align the interests of investors in the fund and lead the way in developing a new approach to fees for the UCITS industry.”
It will charge a 10% performance fee that will be subject to a high water mark.
Launched in December 2010, the Axiom Fund offers weekly liquidity and aims to replicate the performance of Alix Capital’s UCITS Alternative Blue Chip Index, a rule-based, quarterly-balanced benchmark comprising the 50 largest UCITS hedge funds.
Alessandro Mauceri, chairman of the board of the Axiom Fund, says: “The Axiom Fund addresses clients’ ongoing concerns regarding traditional funds of hedge funds, notably their opacity, lack of liquidity, the operational risk linked to such structures and the multiple layers of fees…Today we are solving the last issue by waiving our management commission and charging only incentive fees. This ensures that our interests are truly aligned with those of our clients.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…