Alternative Asset Advisors is to change the domicile of its Cayman-based ACE multi-manager hedge fun...
Alternative Asset Advisors is to change the domicile of its Cayman-based ACE multi-manager hedge fund range to Luxembourg and lower the minimum initial investment from 1 September.
The Alternative Capital Enhancement Sicav will have five sub-funds with minimum initial investment levels reduced from $250,000 to $20,000 for retail investors and $100,000 for institutional investors. A euro share class is also being added.
The initial five sub-funds will be ACE Balanced, Structured Balanced, Long/Short, Multi Arbitrage and Macro.
Eric Syz, partner of parent group Syz Bank, said a further sub-fund offering an alternative strategy will be added by the year-end. Syz said the shift from a Cayman to a Luxembourg listing would facilitate the sale of the products to life and pensions companies and links to offshore bond wrappers will be sought after the Sicav is established.
The subscription notice period will also be reduced from 15 to five days and monthly rather than quarterly redemptions will now be possible. Alternative Asset Advisors, which also manages the London and Zurich listed Altin fund of hedge funds, invests across 35 hedge funds from 35 separate fund groups.
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From 1 March