Refco and Abbey Capital launch new hedge fund
REFCO Alternative Investments, LLC (RAI), the alternative asset management
division of REFCO Group Ltd., LLC (“REFCO”), and Abbey Capital
Limited (“ACL”), the specialist alternative investment portfolio
manager based in Dublin, today announced the launch of their first hedge
fund according to David Henritze, president of RAI, and Tony Gannon, CEO
and founder of ACL.
Commodity Trading Advisor (CTA) fund
The hedge fund, a diversified multi-manager futures fund, opened with
more than $40 million from institutional and high net worth investors
in the U.S., Europe, the Far East and Latin America. It is a Commodity
Trading Advisor (CTA) portfolio that offers access to 11 managers who
collectively provide diversification across time frames, countries, markets
and styles. The portfolio combines trend following CTAs with non-trend
following CTAs that attempt to minimize correlations and create a more
consistent return profile.
About the new hedge fund
“Abbey Capital has constructed a robust portfolio that seeks to
deliver returns of 12% – 15% with a volatility target below 10%,”
said Mr. Henritze of RAI. “Their portfolio construction and risk
management expertise is unsurpassed, and we are confident that this fund
will provide investors with a welcome opportunity to diversify their portfolios
with a managed futures product with daily liquidity.”
“We are delighted with the structure and diversity of our inaugural
fund, said Mr. Gannon of ACL. “We allocate through managed accounts
only, which solves transparency problems and provides the liquidity required
for our comprehensive risk management process.”
ACL is known for stringent risk controls that combine rigorous quantitative
analysis with strong qualitative examination. The research is a continuous
process, as Abbey assesses managers against peer groups and strives to
improve the portfolio mix on an ongoing basis.
REFCO Alternative Investments and Abbey
Capital’s alliance
RAI and ACL announced the formation of a strategic alliance on November
6, 2003; in order to jointly develop a series of multi-manager managed
futures funds specifically designed for institutional and high net worth
investors. ACL is responsible for portfolio construction, manager selection
and risk management. RAI defines which products should be created. The
products are then distributed to the institutional and high net worth
marketplace whereby RAI is responsible for investor services. An independent,
third party administrator prices each fund on a daily basis.
RAI : alternative asset management division of
Refco
RAI is the alternative asset management division of REFCO. RAI expands
Refco’s traditional trading and asset management capabilities into
managed futures, hedge funds, and structured products to provide investors
with a full range of investment choices. RAI capitalizes on the best worldwide
issuers, investment managers, derivative experts and other financial service
organizations to provide investors with access to competitive investment
solutions. RAI has the flexibility and resources to tailor solutions to
meet investors' objectives, whether they require highly customized solutions,
retail products, or private labeled products.
REFCO : A diversified financial services company
REFCO is a diversified financial services organization with operations
in 14 countries. Through its worldwide subsidiaries, REFCO is among the
most active members of futures exchanges around the world, a major broker
of cash market products and an asset manager in traditional and alternative
products. REFCO subsidiaries are also clearing members of all principal
U.S. and international futures exchanges.
ACL : An alternative investment fund manager
ACL is an alternative investment fund manager specializing in managed
futures and FX managers. ACL consists of a team of seasoned professionals
who have a deep understanding of the dynamics behind the return drivers
and key success factors of alternative managers. ACL provides superior
screening and selection capabilities to the creation and management of
multi-manager portfolios. ACL operates from Dublin under the supervision
of the IFSRA, is regulated by the CFTC, and is also a member of NFA. The
firm manages in excess of $250 million.
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