Thursday, 28 August 2014
Last updated 12 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...