JV Debuts Africa, Middle East Hedge Fund

Oct 23 2008 | 11:13am ET

International Assets Holding Corporation and its joint venture partner, INTL Consilium, has launched the ICL Greater Africa Fund, a hedge fund dedicated to Africa and the Middle East.

The fund is investing in equity and debt securities of issuers listed or operating in the regions. Its portfolio consists of long and short positions in sovereign, corporate, municipal, mortgage-related and asset-backed securities and a wide variety of derivative instruments related to fixed-income securities, equity securities, currencies.

“July wasn’t the most ideal time to launch a fund; however, we have done an exceptional job of protecting capital in this extremely difficult market,” said Michael Berry, director of marketing. The $25 million fund is down 2.06% through last month.

Berry said the firm is still bullish on the region, but is more defensive at this point with its portfolio tilted more towards debt than equity.

“There are pockets of opportunities in equities in different countries and we’re going to be strategic as we’re putting assets to work because we’re seeing forced liquidations in the emerging markets space,” said Berry.

The ICL Greater Africa Fund charges a 2% management fee and a 20% incentive fee with a $500,000 minimum investment requirement.


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