Online financial portal Moneyguru is on course to launch a discretionary portfolio and a series o...
Online financial portal Moneyguru is on course to launch a discretionary portfolio and a series of hedge funds, following its listing on Aim.
The company has completed a placing of new ordinary shares, which raised £1.4m before expenses. The shares were placed at 3.5p each, giving the company a market cap of £7.5m. The first fund launch will come at the beginning of June and will be a discretionary portfolio targeting the high net worth individuals of top end IFAs.
Ken Scott, managing director of Moneyguru said: "We plan to have the first discretionary funds in place at the turn of the month and the hedge funds will follow a little after."
Three hedge funds will be launched in a staggered fashion and will be run as a joint venture with Elias Karakitsos, professor of economics at Imperial College business school and Moneyguru¹s economist.
The first is expected by the end of June and will be managed by MoneyGuru¹s chairman, Charles Fowler and the company¹s head of research, Ian Lancaster.
The hedge fund will deploy an investment model devised by Karakitsos and over which he has proprietary rights, according to Scott.
"The first hedge fund will be able to take short positions and will not be too heavily geared, being cautiously managed," he added.
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