GLOBAL - Liberty Ermitage has unveiled a new multi-strategy hedge fund of funds designed to weather turbulent market conditions.
The Luxembourg-domiciled Global Strategy Fund invests across both directional and spread-based hedge fund strategies, including arbitrage, macro, CTA and volatility based strategies.
The fund is set to attract some US$50m by January-end, and expects to double its commitments over the next few months, said Liberty’s chief investment officer and chief executive officer, Ron Mitchell.
Liberty Ermitage is uniquely positioned to manage this fund as we have built a team of hedge fund experts who have very real experience of managing investments in volatile markets,” he said.
“The fund launched on the 2nd of January and by month-end we expect assets under management to be approximately US$50 million and very quickly move to US$100 million.
The fund's institutional share class will charge a 1.5% annual management fee and an incentive fee of 10%. Minimum subscription is US$100,000 and there are five currency series: US$, GB£, Euro, SEK and NOK. Target returns are between 8% to 12%.
Liberty Ermitage is headquartered in Jersey, Channel Islands, has been investing in hedge funds since 1984 and now has US$900m under management. The firm tracks over 4,000 hedge funds with an investment team of 16.
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