Tilney is to introduce an inter- mediary share class on the Opal Alternative Growth portfolio, the...
Tilney is to introduce an inter-
mediary share class on the Opal Alternative Growth portfolio, the fund of hedge funds product it launched in February.
The group is now in the process of listing the fund in Dublin and hopes to launch the share class later this month.
Once in place, intermediaries will be able to get clients into the absolute return, market neutral portfolio with a minimum investment of £10,000. The product will offer advisers 3% initial commission and 0.5% trail.
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 as opposed to European managers.
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.
At the moment the fund is tilted towards distressed debt and is upping its exposure to global macro strategies.
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