Laven Launches Best Ideas, Futures Funds

Jun 27 2008 | 5:56am ET

U.K.-based Laven Partners has launched a best-ideas fund of hedge funds and a futures offering.
The firm’s Laven Funds Multi Strategy SPC selects managers predominantly from its distribution platform, including the Hinde Gold fund and Vermont Asset Finance Fund, an asset-backed lending fund.

The firm declined to comment on the new offering, which debuted last month.

In an interview, managing director Jerome de Lavenere Lussan said, “Having come across so many good managers, we were asked why we don't do a best ideas fund... It's based on fund manager talent. It's easier for our clients to go for a multi-strategy fund than invest in one fund.”

At the time, De Lavenere Lussan said he hoped to launch the fund with US$50 million in assets.

The Laven Funds Multi Strategy SPC is aiming for annualized returns of 10% to 15% with a volatility of 5%. The fund ended its first month of trading up an estimated 0.95%, according to the firm.

The firm last month also launched The Laven Funds SPC - Global Systematic ST SPC, a high-frequency quantitative trading strategy designed to exploit short-term market inefficiencies across stock, bond and currency futures markets. The strategy invests approximately 40% each in stock-index and interest-rate futures, and 20% in currency futures.
Laven has delegated the management of the Global Systematic ST SPC to John Locke Investments, a statistical arbitrage shop founded in 2000 by Francois Bonnin, former ING France head of alternative investments research.

The fund finished its first month up 1.73%

It charges a 1.5% management fee and a 20% incentive fee with a US$100,000 minimum investment requirement.

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