Morgan Stanley AIP Launches Alternative Mutual Fund

May 13 2013 | 1:46pm ET

Morgan Stanley's fund of funds unit, Alternative Investment Partners, has launched its first mutual fund, incorporating a range of alternative strategies.

The AIP Dynamic Alternative Strategies Fund provides investors with daily liquidity and access to a broad range of strategies to complement traditional equity and fixed-income investments.

The fund, managed by Patrick Reid, Ryan Meredith, Janghoon Kim and Rui de Figueiredo, uses AIP's proprietary hedge fund replication strategy that seeks to generate returns based on several fundamental underlying hedge fund strategies.

The fund also provides exposure to additional non-traditional return sources—including commodities, REITs, private equity and high yield—and and will be actively managed in an effort to capture new opportunities and to manage risk.

“We are excited to present investors with an open-end mutual fund solution that addresses many of the challenges associated with investing in alternatives,” said Reid. “The structure for the AIP Dynamic Alternative Strategies Fund delivers AIP’s investment selection, portfolio construction and risk management expertise in a vehicle that offers daily liquidity, investment transparency and modest investment minimums.”

Morgan Stanley AIP  has discretionary and advisory assets of $29.2 billion.

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