Monument Securities' new investment division Monument Investment Management may branch out into emer...
Monument Securities' new investment division Monument Investment Management may branch out into emerging, US and fixed income funds by this time next year if it attracts enough money to the hedge fund it has chosen to be its first product launched.
Monument Securities chief investment officer Grant Cullins says the company is focused is on launching the Dublin based, Bermuda registered hedge fund, but a decision to launch other products will be taken within the next 9-12 months.
"We have no strong view at the moment. But we do want to hear from existing fund managers because our aim is to provide them an opportunity to operate under a new umbrella."
"Our intention is to operate an open door policy and we'd be willing to talk with any fund manager who wants to."
Cullins says it is early days yet for the new Marcellus hedge fund.
A portfolio of between 25 to 35 pairs of long-short positions is being constructed, with a target of attracting at least $50m in new money through 2003.
The vehicle can take up to $250m, Cullins says, but the company is not going to rush its marketing in the near term.
"We want to make sure we do this right first time," he says.
Monument is aware that it needs to get the Marcellus Fund right in order to succeed in launching further products because of its position as a boutique operation.
Cullins adds that he will be disappointed if by this time next year there are not another couple of fund managers taking care of another Monument fund.
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