Deutsche's Xavex fund gets go-ahead

Deutsche Bank has received regulatory approval from the FSA for the February launch of its Xavex fund of hedge funds. It is to be managed by Deutsche Asset Management's Absolute Returns group in New York. According to Deutsche Bank, Xavex, which is targeting an annual return of 1215%, is the hedge fund of funds that will open the complicated and diverse universe of hedge funds to the intermediary and general retail market. Deutsche has also moved to clarify its charging structure. Martin Fothergill, director of investment funds at Deutsche Bank, said the target return is net of underlying...