Martin Currie has raised an initial $13.5m for a third hedge fund in its Absolute Return series. ...
Martin Currie has raised an initial $13.5m for a third hedge fund in its Absolute Return series.
The Martin Currie Absolute Return Funds ' Asia Fund is Bermuda-registered and Dublin-listed with a minimum investment of $100,000.
It aims to provide an annualised return of 15% to 20% with volatility of less than 12%.
The fund manager is Jason McCay, who worked for Deutsche Morgan Grenfell in Indonesia as head of research.
He joined Martin Currie in 1998 and has managed the long-only Martin Currie Asia Pacific Fund since September 1998.
McCay said: 'We intend to meet our objective through a combination of long/short alpha generation and active balance sheet management, capitalising on directional shifts within Asian markets.
'We will run with 25-40 long stocks and 10-20 short. There will be active management of gross and net exposures and disciplined risk management to limit drawdowns and contain volatility.'
A management fee of 1.5% and performance fee of 20% are charged on the fund.
Dealing is monthly with weekly dealing at the directors' discretion.
NAVs will be published weekly and there is no lock-up period or entry and exit fees.
Martin Currie's chief executive officer, Willie Watt, said: 'We were pleased by the success of our first two hedge funds, especially Japan, which at $200m has just closed to new investors, and UK.
'We have said from the start that we aimed to build a significant business in alternative investment products. That is exactly what we are doing.'
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