NEW ZEALAND - Tower Managed Funds (TMF) is expanding its hedge fund presence in New Zealand through a new alliance with Deutsche Asset Management (DeAM).
TMF will add the DeAM Strategic Value Fund (SVF) to the firm’s existing hedge fund offering, the Tower GAM Multi-Trading. Deutsche’s product has had a total return of 17.5% over the 2 years since its inception in 1999, according to the firm.
DeAM and Global Asset Management (GAM) in New Zealand already has over $350m under management for TMF.
The firm said that the move was in line with its recognition for “the need for even greater flexibility and more options for TOWER's investors.”
DeAM now manages over $10bn globally in absolute return fund strategies including over $1bn for existing clients in the Asia/Pacific region.
By Madhu Kalia
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