Mellon HBV Alternative Strategies has listed offshore versions of its hedged distressed and European event-driven funds on the Irish Stock Exchange.
Although this is not the first time the funds have been made available outside the US, Mellon said the move - which is the investment manager"s first listing on the ISE - will improve accessibility to the funds, given that a number of jurisdictions, such as France, restrict investments in non-listed funds.
Jonathan Bean, managing director at Mellon HBV, said: "Listing these funds on the Irish Stock Exchange will bring the funds to a wider European audience."
According to Bean, the Irish Stock Exchange was selected over other European exchanges due to a number of factors - among them convenience, a smaller time differential with the US and Dublin"s stringent regulations.
The Rediscovered Fund II offers investors a combination of long and short opportunities and, according to its managers, no other distressed fund is hedged to the same extent. The fund invests in a diverse portfolio of distressed opportunities in the US that are broken down into three categories - long, short and intra company capital arbitrage. Commenting on the fund, Bean said: "The fund has an unusual structure which means it produces returns with a low volatility and a low correlation with equity markets."
The European Event Driven Fund meanwhile invests in three areas - merger arbitrage, distressed reorganisation and non-distressed reorganisations such as government divestitures.
Both funds are open-ended, denominated in US dollars and are domiciled in the Cayman Islands.
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