Wednesday, 30 July 2014
Last updated 55 min ago
Aug 13 2007 | 2:22pm ET
Iraq Fund Management has launched its first hedge fund, offering investors exposure to that war-torn country.
The Iraq Fund, which began trading on Aug. 1, focuses primarily on state-owned enterprises and the banking sector on the Iraq Stock Exchange in Baghdad.
“The fledgling Iraqi banking sector and Iraqi SOEs offer a unique opportunity, as they are greatly undervalued in light of their growth prospects and the infusion of cash from the [U.S.] Department of Defense, the Iraqi government and other sources,” fund manager Dave Packard said in a release.
The fund is domiciled in Delaware. It has a $250,000 minimum investment requirement, and charges 1.5% for management and 15% for performance, with a high-water mark. After a one-year lockup, investors can redeem quarterly. The Credit Bank of Iraq serves as its prime broker.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…