Wednesday, 17 September 2014
Last updated 8 hours ago
Dec 7 2012 | 11:23am ET
Mutual fund giant Fidelity Investments has struck a deal to win its clients access to some of the most well-known hedge funds in the industry.
Fido and Arden Asset Management last week launched a mutual fund of hedge funds, boasting nine underlying managers, including Chilton Investment Co., Jana Partners and York Capital Management, The Wall Street Journal reports. The vehicle is available to some clients of the Fidelity Portfolio Advisory Service, which has a $50,000 minimum investment requirement.
Despite the somewhat restrictive access, the fund debuted with more than $700 million from Fidelity. It seeks high-single to low-double-digit returns over a three-to-five year period. "Our goal is to provide investors with additional opportunities to improve risk and return as well as potentially improve portfolio resilience in down markets," a Fido spokesman told the Journal. Arden founder Averell Mortimer added that the fund is "an excellent way to achieve portfolio diversification," while York founder Jamie Dinan called the fund "innovative."
"We've collaborated with Arden for a long time and were impressed by the seamless structure and process the firm developed," Dinan continued.
The new fund has a 2.3% expense ratio.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The London Whale saga is a twist on the typical rogue trader story as the rogue trader recognized the error of his ways and was prepared to take his medicine but was instructed by superiors to “defe...