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.
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