State Street Global Advisors (SSgA) is developing a new global hedge fund strategy and is looking to launch it in the second quarter of 2002.
According to Michael Schoeck, co-head of active equities at SSgA in Boston, the new strategy will be market neutral, and will offer 80 to 100 global positions. The new strategy will be a global version of the firm’s existing long-short market neutral funds in the US, Europe and Japan.
Currently SSgA's long-short strategies for the US, Europe and Japan offer 60 to 80 positions. These strategies have an absolute return of 10% to 12%, with a 5% to 6% volatility rate compared to cash.
Schoeck said that the new global product will essentially be the existing long-short strategies in an integrated portfolio. He also said that the firm was still developing the new strategy’s features, such as rates of return and volatility.
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