BGI's Billion-Dollar FoF Baby

Jan 3 2007 | 1:49pm ET

Barclays Global Investors’ new fund of hedge funds unit is aiming to raise about $1 billion for its first offering, according to a Thompson Financial report.

New York- and London-based BGI Alpha Management Group launched AlpEx, its first external global fund of hedge funds, late last year. According to a Thompson source, the firm hopes to gather the $1 billion over the next 18 months.

The new BGI business, which is exclusively targeting institutional investors, was launched last year. Stan Beckers, formerly of Barra International, heads the group, with former Julius Baer alternatives chief investment officer Jonathan Morgan leading the U.S. fund-of-funds division.

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