Wednesday, 1 April 2015
Last updated 6 hours ago
Feb 17 2006 | 12:00am ET
The Tuono Corp. is readying to launch its first fund, a hybrid managed account product with hedge fund characteristics. The T-Circle Partners Fund, which will launch March 1, will invest in derivatives—both futures and options—and will be aimed at institutional investors that have a long-term perspective and who would like to invest in alternatives, but prefer the transparency and accountability offered by managed accounts.
“Managed accounts are more preferential to many clients, segregation is important,” said Michael Billy, ceo of the Naples, Fla.-based firm.
The fund will initially be capped at $25 million, and there is a minimum investment of $1 million.
Tuono eventually plans to create a pooled hedge fund vehicle that would maintain the structure and strategy of the managed accounts. Tuono will not charge a traditional management or incentive fee. Instead, when the fund reaches its stated monthly target of 1.25% net per month—or 15% net per year—the fee structure will kick in and be based upon performance.
Billy prides himself on creating a transparent fund, saying that on the heels of the hedge fund scandals of the last year, such as the collapse of the Bayou Group, investors are ready for more transparency and accountability.
Billy has been running a similar fund with partner money since 2003 and has seen net returns since inception of 115%. “Once you look at the 32-month track record we can certainly say that we have consistency and reliability,” said Billy.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…