Isle of Man-based BoE International has announced it is to launch a fund of hedge funds.
The BoE International Market Neutral Fund will invest in a range of funds using a long/short strategy to produce a low risk, low volatility investment product. The fund will be registered in the Isle of Man as an open ended-investment company.
The fund will be advised by London-based Financial Risk Management. The underlying funds are all long / short equity portfolios that are broadly market neutral, featuring a mixture of styles with distinct themes or specific geographical focus.
BoE has allocated $20m to seed the market neutral fund, which will initially have 12 holdings, with no single fund taking up more than 20% of the fund.
There will be a 1.5% annual management charge and a 10% performance fee, subject to a high watermark. The fund is denominated in US dollars and has a minimum investment of US$15,000.
By Janet Du Chenne
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.
Labour Party plans to renationalise core industries and require the largest listed companies to hand 10% of shares to employees would be a "double whammy" for pensions, business leaders have warned.