Saturday, 28 March 2015
Last updated 13 hours ago
Nov 15 2006 | 3:35pm ET
Asset management firm Tuono Corporation is targeting Dec. 1 for the launch of its latest fund, the Tuono Multi-Series LLC Fund, which is aimed at institutional investors.
The new offering is a synthetic absolute-return fund, seeking to generate portable alpha through the customizable blending of complementary, non-correlated styles.
Michael Billy, CEO of the Naples, Fla.-based firm, said, “We are combining our core strategy with a quant component, which lowers volatility.” He added that the volatility of the core strategy is 10%, and when mixed with the quantitative strategy, that figure is cut in half.
The two share classes that are being offered are the Tuono Multi-Strategy Absolute Return Series and the Tuono Multi-Asset Alpha Series.
The Absolute Return Series is a systematic options-arbitrage strategy focused on short- to medium-term gains versus long-term directional profits. The Alpha Series is a short-term, global macro strategy that trades financial futures, foreign currencies, individual equities and commodities. According to Billy, it capitalizes on market volatility, with a primary emphasis on directional returns.
The minimum investment in the new vehicle is $1 million. Management fees range from 1.5% to 2%, with performance fees in the range of 20% to 25%. There is a one-year lockup and redemptions are quarterly.
Man Financial and Goldman Sachs are serving as prime brokers and Spicer Jeffries and ATC Fund Services are handling the auditing and administrative functions, respectively. Edwards Angell Palmer & Dodge is serving as legal counsel.
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…