Tuesday, 23 September 2014
Last updated 12 hours ago
Sep 21 2007 | 11:38am ET
U.K.-based Wessex Asset Management, a US$454 million natural resources-focused hedge fund, is adding more bling to its portfolio with its latest offering, the Wessex Gold Fund.
The equity long/short fund, which will focus on directional and relative value plays on global gold and precious metals-related equities, is slated to launch next month with between US$50 million to US$150 million, with capacity for a further US$400 million.
According to a presentation obtained by FINalternatives, the firm believes that “Gold and gold equities are due a major move up,” and trading opportunities will derive from the volatility in the physical commodity and equities. Also, gold is a relatively non-crowded trade with few hedge funds having expertise in the sector and the existing gold funds being long-only products. Wessex plans to use leverage to provide an “additional edge versus long-only alternatives.”
The Gold fund charges fees of 1.5% for management and 20% for performance for Share Class A investors; while Class B shareholders pay 1% for management and 15% for performance. Both share classes sport a 12-month lockup period and have a US$500,000 minimum investment requirement.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.