EUROPE - Britannic Asset Management will act as the sole distributor of the Auda hedge fund of funds products in the UK and parts of Europe under an exclusive agreement reached with the New York-based firm.
Under the agreement, Britannic’s distribution focus for Auda, which is majority-owned by the Harald Quandt group of Germany and specialises in fund of funds for private equity and hedge funds, will be primarily private banks, insurance companies and pension funds.
Jonathan Polin, sales and marketing director at BAM said: “This new deal gives us the opportunity to promote a top class hedge fund of funds alongside our own single strategy long short portfolios to our institutional and discretionary clients. Early next year we intend to add a UK hedge fund to our range this time through our most recent boutique joint venture.”
Marcel Giacometti, president and founder, Auda Advisor Associates, commented: “This is a new venture for both of our companies, yet I am confident that it will be a successful one generating high levels of sales across the Auda fund of funds range.”
Gavin Stewart (pictured), CEO of BAM, added: “The merger of our parent company with Resolution has further enhanced the financial stability of the organisation. With £35 billion under management once the transfer of Resolution funds is complete, BAM has the necessary critical mass to become a serious contender in overseas markets. This agreement with Auda expands our range of specialist products and is likely to help us greatly in terms of attracting third party assets in the future.”
Auda has been investing in hedge funds since 1990.
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