IRELAND - London-based hedge fund of fund manager Fortune Asset Management is to list its flagship Market Wizard funds on the Irish Stock Exchange following continued investor demand.
Market Wizards Fund and Market Wizards Fund Plus, which are co-advised by hedge fund authority Jack Schwager and the group’s research affiliate Global Fund Analysis, will be list in Dublin this Friday.
The two broadly diversified portfolios of hedge fund strategies have returned 6.83% and 11.33% respectively since inception in November 2001 through to April 30, 2003, outperforming the Hedge Fund Research Index (HFRI) sector average, which registered 4.90% for the same period.
Schwager first managed the program as a proprietary account for more than two years and subsequently as a private investment partnership, returning a cumulative 66% for the 26 months from September 1999 to October 2001.
Market Wizards Plus, a leveraged version, employs leverage only on the low volatility portion of the fund.
Simon Hopkins, Fortune’s Group managing director, said: “In the last 17 months the program has grown to over US$140m of invested assets.
“It is now on the radar screen of institutional investors as well as the private wealth managers, hence the need to list the funds on a recognised exchange.”
The minimum subscription level is US$50,000 or equivalent. The fund is open to both institutional and private investors worldwide, with a separate version for US investors.
Fortune said that the fund has attracted commitments from pension schemes among its clients, including interest from Europe and a Japanese pension scheme, but no additional details were given.
On a separate note, the firm also entered into an agreement with Geneva-based wealth manager Gadd & Cie to launch a co-sponsored version of Wizards as a sub fund of the Luxembourg-domiciled SICAV Argos Investment Fund.
Argos Wizards Fund has been seeded with circa e10m.
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