Cornerstone Launches Offshore Global Macro Fund

Jun 2 2006 | 8:37pm ET

New York-based Cornerstone Capital Management has launched an offshore version of its Cornerstone Icon Fund, a global macro fund.

According to Felix Maye, president and co-founder of the firm, the offshore fund was launched as a result of demand from tax-exempt investors, including endowments and pension funds.

The new offering, domiciled in the Cayman Islands, aims to return 2-3% over the Standard & Poor's 500. The fund invests globally in currency, interest rate, stock index and energy sectors. It is being offered to both non-U.S. investors and U.S. tax-exempt investors.

"We anticipate healthy interest in this fund as the U.S. version boasts a 19-month track record of consistent returns with very few draw-downs," said Joseph Profit, ceo and chief trader at the firm.

Cornerstone was founded in 2004 and is based in New York. 

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