Merrill Lynch Investment Managers (MLIM) is to launch a pan European hedge fund, writes Robert Stock...
Merrill Lynch Investment Managers (MLIM) is to launch a pan European hedge fund, writes Robert Stock.
The fund will be managed by a three-person team including Peter Davies, whose onshore UK Dynamic Fund received an AAA rating from S&P in October.
The Cayman Islands domiciled fund will adopt a long/short strategy with Davies investing the UK portion of the fund with fund managers Michel Legros and Samuel Joab running the Continental European element.
The hedge fund will be capped at E500m and is designed to cater mainly for the expanding group of high net worth individuals and to tap into the hedge fund industry.
It will have a minimum investment of E50,000 and will carry an annual management charge of 1.5%. MLIM will also take a performance fee. The product will pay renewal commission, although initially it will only be available through MLIM's private client channels.
MLIM expects the product to become available to private individuals and IFAs' clients between the end of the first quarter and start of the second quarter of this year.
MLIM currently has more than £1.5bn of assets under management in its range of hedge funds, but this is the first time that it has extended that capability to continental Europe.
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme