GLOBAL - Mellon Global Alternative Investments (MGAI) has introduced the Mellon Nippon Absolute Fund, a Japanese fund of hedge funds.
The Dublin-domiciled fund is MGAI’s third hedge fund offering targets institutional investors. The minimum investment level is EUR125,000 (£76,520).
The Mellon Nippon Absolute Fund will follow event driven, relative value and long/short equity strategies. This fund’s conservative investing approach will focus on developed countries such as the US, Japan and the UK, said MGIA director, Derek Stewart .
Launched by Stewart and Scott MacDonald in July 2001, MGAI began operating with two funds in its stable, namely the Mellon Sanctuary Fund and the Mellon Symmetry Fund. The Sanctuary Fund adopts event driven, relative value strategies, while the Symmetry Fund follows global long/short equity strategies.
Stewart and MacDonald previously served as research directors for offshore fund manager Liberty Ermitage. As directors at MGAI, they now work alongside associate director Aftab Hussain, and research analysts Chris Carlton and Tom Collier.
MGAI performance fees are 5% above US Libor (London InterBank Offering Rate)and will have a high watermark, added Stewart.
The firm’s funds usually employ between 10 to 15 fund managers, but the Mellon Nippon Absolute Fund will initially use between 8 to 10 managers.
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