Friday, 17 April 2015
Last updated 10 hours ago
Oct 15 2013 | 12:47pm ET
Neuberger Berman Group is planning a new UCITS-compliant fund of hedge funds.
The Absolute Return Multi-Strategy Fund is set to debut next month with seven underlying managers initially, Investment Week reports. The fund's money will be invested in segregated accounts, which should allow it to avoid having its money locked up by redemption restrictions.
Among the strategies included at launch will be event-driven, long/short equity and relative-value credit, aiming for a return of 5% over cash.
Increased interest from discretionary fund managers prompted the new fund, according to Tom Douie, head of European intermediary at Neuberger Berman.
"DFMs are interested again, but as a fund group it is increasingly difficult to come to the market with a '2 and 20' charging structure," he told IW.
Instead, the new fund will charge a flat 0.75% management fee, with an expected total expense ratio under 2%.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…