Tilney is targeting the retail market with a fund of hedge funds carrying a minimum investment ...
Tilney is targeting the retail market with a fund of hedge funds carrying a minimum investment of £10,000.
The group is adding an intermediary share class, paying 3% initial and 0.5% renewal, on to the Opal Alternative Growth portfolio which it originally launched in February. The fund, run by hedge fund managers Tremont, invests in a range of portfolios, 14 at present, although this can rise to 20. Due to the investment criteria, the fund has a bias towards US-based managers, compared to European managers. It aims to provide clients with an absolute return, market neutral portfolio
This, according to Paul de Quant, managing director at Tilney, is because the fund will only invest in managers with at least three-year track records and a proven ability to provide solid and steady returns. The group is actively looking to add European-based managers to its portfolio, he added.
The fund is currently tilted towards distressed debt and is upping its exposure to global macro strategies.
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Short-term noise or something sinister?