Cazenove Capital Management has raised £30.2m for its Absolute Equity Limited fund, which closed in ...
Cazenove Capital Management has raised £30.2m for its Absolute Equity Limited fund, which closed in October.
Listed on Aim, the newly incorporated Guernsey closed-ended investment company is exposed to three of the group's hedge funds, run by Tim Russell, Chris Rice and Neil Pegrum.
Its investment objective is to achieve consistent absolute returns with low levels of volatility through a policy of investing in these managers' portfolios of long/short equity funds. The company has the ability to add further mandates at a later stage.
The investment objective of the company is to target returns of at least 10% net per annum over a rolling three-year period with low levels of volatility.
Robin Minter-Kemp, managing director at Cazenove, said: "The support demonstrates the demand for sensibly priced, tax efficient and transparent absolute return strategies.
"The recent strength in equity markets and a difficult backdrop for hedge funds has reduced the short-term appetite for this type of vehicle, so we are pleased by this initial level of assets raised."
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body