Van Eck Offers Hedge Fund-Like Arb., Long/Short Mutual Fund

Jun 23 2009 | 12:30pm ET

New York-based Van Eck Global has launched a new absolute return mutual fund employing hedge fund-like strategies.

The Van Eck Multi-Manager Alternatives Fund will employ both arbitrage and directional long/short strategies, the firm said today. The new fund use a “diversified mix” of sub-advisors, open- and closed-end funds and exchange-traded funds in an effort to produce absolute returns. The firm said it would use research from Explorer Alternative Management, which maintains a database of hedge fund-style managers and funds, to select managers for the Multi-Manager fund.

“This fund may give investors access to sophisticated asset management strategies in a single portfolio, providing diversification, hedging potential, and in some cases, it may capitalize on market dislocations as they develop globally,” Van Eck marketing chief Harvey Hirsch said.

Van Eck has managed a similar strategy for its variable life and variable annuity insurance contracts for more than six years.

The Multi-Manager fund, like all mutual funds but few, if any, hedge funds, offers daily liquidity and has a $5,000 minimum investment requirement. The fund’s Class A shares’ expenses are capped at 2.4%, while Class I shares are capped at 2.15%.

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