Thursday, 25 August 2016
Last updated 2 hours ago
Oct 10 2007 | 11:15am ET
The U.K.-based Matrix Group has launched a closed-ended version of its open-ended Asset Based 2 Fund, a fund of hedge funds that invests in 28 underlying managers.
The new closed end fund will invest all of its assets in the retail sterling shares of the Matrix Open Ended Asset Based 2 Fund.
The fund charges a minimum investment £50,000 (US$101,667). The Matrix Open Ended Asset Based 2 Fund has an initial fee of 5% and an annual management fee of 1.9%. There is no double charging of management fees for the new vehicle.
In addition, the firm last month hired Damian Taylor as an assistant fund manager. Previously, he spent three years at ING Barings as a proprietary trader on a risk-arbitrage and equity long/short book and three years setting-up and managing the Mountcashel Fund, a European equity long/short hedge fund with Paul Spence, Matrix’s current CIO.
Matrix was founded in 1987 and currently has more than £2 billion of funds under management including hedge funds, funds of hedge funds and private equity funds.