Tilney to launch fund of hedge funds offering

Tilney is targeting the retail market with a fund of hedge funds carrying a minimum investment of £10,000. The group is adding an intermediary share class, paying 3% initial and 0.5% renewal, on to the Opal Alternative Growth portfolio which it originally launched in February. The fund, run by hedge fund managers Tremont, invests in a range of portfolios, 14 at present, although this can rise to 20. Due to the investment criteria, the fund has a bias towards US-based managers, compared to European managers. It aims to provide clients with an absolute return, market neutral portfolio ...