IKOS, the London-based fund management group, is planning to launch two new yen-denominated classes i...
The new funds will be registered in Japan and distributed through as yet undisclosed local financial institutions.
Investors who buy into the yen currency fund will be investing into the dollar denominated IKOS Global Currency fund with an additional yen currency overlay.
The currency fund is a systematic non-trend-following fund that trades the major liquid currencies of the dollar, the yen, the pound, the euro, the Swiss Franc, the Australian dollar and the New Zealand dollar.
The fund was launched on 1 October last year with an initial $6m under management and now totals $8.8m. It is a share class of the IKOS Global fund and is registered in the Cayman Islands. The return to the end of December 1999 was 2.84%.
The second fund, the IKOS Offshore Arbitrage Yen fund is a long/short equity fund that focuses on the Japanese market. It uses a statistical arbitrage market-neutral approach and seeks to generate a 20% annualised return with an 8% standard deviation.
The yen-denominated fund was set up on 1 June 1999. The fund totals just ¥218m.
There is already a dollar class version of the fund, which is called the IKOS OAF International Long-Short Equity fund. It was launched in September and since then it has generated an annualised return of 13.6%.
IKOS was established in 1991 and manages $40m.
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