UK - Henderson Global Investors - the investment unit of Australian financial service group AMP - is set to launch a UK Equity Market Neutral hedge fund.
The fund will be managed by Andrew Formica, director of specialist equity funds. Formica developed the long-only approach that will be used by the fund and which has been applied to the Australian and UK markets since 1994.
Henderson’s director of alternative investment, Stuart MacDonald, said: “The fund aims to provide solid returns regardless of the market conditions through the allocation of capital between the different trading strategies.
“The dynamic allocation of the fund between a series of uncorrelated strategies provides an effective way to seize market opportunities in changing market conditions.”
Domiciled in the Cayman Islands, the fund will be listed on the Irish Stock Exchange. It will have two share classes in UK Sterling and US Dollars, with a minimum investment of US$100,000 (or UK Sterling equivalent).
There will be a 1.5% annual management charge with a 20% performance fee.
The fund is aimed at institutions, high net worth investors, discretionary managers, intermediaries, private banks.
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