product launch |
Odey Asset Management has launched a hedge fund combining three strategies - quantitative, technical and macro.
The Odey Treasury Fund will be managed by an ex-HSBC trader Richard Neville-Rolfe, who will focus on international currency movements, gold and interest rate fluctuations.
Neville-Rolfe will be able to use leverage through the use of margin lending agreements, futures, forwards contracts, options and other derivatives. The maximum leverage allowed will be 1,000% of NAV in terms of the fund's position in foreign exchange.
However, the mandate will limit the funds concentration. The fund will not put more than 20% of gross assets in one non-government issuer; it will not take legal control of an issuer and it will not invest in real property or physical commodities.
With a minimum investment of $100,000, Odey aims to gather between $20m and $30m in assets before the fund closes for investment on 13 October.
The annual management charge is 1.5%, with a 20% performance fee and a penalty of 1% on assets redeemed within 12 months of investing. There will be monthly dealing. The targeted returns are between 15% and 20%, benchmarked against three-month $/E Libor. The fund will be listed on the Irish Stock Exchange.
Odey will target its traditional investor base for this product: offshore investors, discretionary fund managers and international private bankers.
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