Close Finsbury is in the late stages of seeking approval from the Guernsey Financial Services Commis...
Close Finsbury is in the late stages of seeking approval from the Guernsey Financial Services Commission to launch an investment trust of hedge funds.
Although Close Finsbury refused to either confirm or deny that it was seeking to launch the product, Investment Week understands that the trust, for which it would seek a listing on the London Stock Exchange, is at a late stage of development.
The investment trust, as with many of Close Finsbury's vehicles, will be managed by external managers, in this case South African investment manager Coronation. As well as mainstream asset management capabilities, Coronation runs a number of fund of hedge fund portfolios, an area in which it has a long track record.
Close Finsbury is not planning to target the retail market with the product, although trading in secondary shares will, as with all investment trusts, be open to any investor.
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