New Star has listed its Absolute Return hedge fund on the Alternative Investment Market (Aim), givin...
New Star has listed its Absolute Return hedge fund on the Alternative Investment Market (Aim), giving investors access to daily dealing.
The Guernsey-domiciled product, managed by Charlie Tritton, invests in 10 underlying long/short strategies run by New Star's existing managers such as Richard Pease, Tim Steer, Ian Beattie and Guy de Blonay. Asset allocation of the portfolio depends on the fund's risk and return objectives and how much exposure they have to the market.
There is no minimum investment because shares are sold on the exchange. The product has a 1.5% annual management charge and a 20% performance fee on absolute returns. As the fund only invests in existing strategies there is no double charging.
Ravi Anand, a director at New Star, said: "We decided to list the product on the Aim market to make the vehicle more available to a wider audience. Not all investors wanted to have monthly dealings, as was previously only available, and preferred daily dealings." key points
New Star Absolute Return hedge fund listed on Aim
Charlie Tritton runs fund
Investors can now deal daily
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