BNP Paribas plans to launch a long/short equity fund, a three-times leveraged fund and a fund of hed...
BNP Paribas plans to launch a long/short equity fund, a three-times leveraged fund and a fund of hedge funds investing in a selection of relative-value strategies in the first quarter of 2004.
A further two or three hedge funds are planned for launch in the second and third quarters of the year, according to Francoise Hullo, in charge of business development at BNP for alternative investments.
The move follows the launch of three hedge funds based on quantitative research. The Ireland-domiciled SingleHedge Market Neutral fund and France-domiciled SingleHedge Global Macro and SingleHedge Trend funds are all being managed from the firm's Paris office.
All three products are targeting returns of 10%-15%, with 5%-10% volatility.
They have been designed to fit the needs of European-based qualified investors, and specifically French investors through the onshore funds, according to Hullo.
The market-neutral fund is managed by Youssef Azami, who has five years' experience in alternative fund management, while the global macro fund is managed by Christophe Mounier, who has around 12 years experience in the industry.
The trend fund will be managed by Stephane Caraguel, who has worked in alternative investment for about seven years.
In other news, Cambiar Investors, an asset management company with about $2bn under management, has created its first hedge fund.
Cuadrar Partnership, established by Cambiar last year, has raised $4.2m from five investors for the launch.
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