Fund of hedge funds shop Nedgroup Investments has won a US$9 million mandate from asset management firm Attica Vermogensbeheer for its Premium Portfolio Fund, which has now raised approximately US$35 million from institutional investors since its launch in February.
 
According to the firm, the fund has returned 3.04% since launch, compared with a fall in fund of hedge fund indices Barclays and EurekaHedge, which are down between 2% and 2.5% as of the end of June.
 
The Premium Portfolio Fund comprises asset backed lending, distressed debt, structured finance, multi strategy, insurance and other niche strategies. It targets a return of Libor+ 8% to 12% net of fees per annum over the medium to long term, with a volatility of less than 3%.
 
Andrew Lodge, managing director of Nedgroup Investments, said: “When launching the fund, our aim was to provide returns that were genuinely uncorrelated with market movements. Attica’s investment is a real endorsement of that aim and a very positive sign for the future of the fund.”
 
Nedgroup Investments has offices in London and The Isle Of Man and currently manages US$940 million of assets.