London – Jeremy Tigue has begun moving his talismanic Foreign & Colonial Investment Trust into the realm of hedge funds in a bid to diversify the global growth vehicle.
The first steps have been taken, with purchases of Amsterdam-listed MW Tops and Brevan Howard Macro, the first London-listed single strategy fund
The world’s oldest investment trust now owns 14 percent of the sterling share class of BH Macro fund after its launch on March 9, with the sterling issue of 10.5 million shares at 10 pounds each.
Its stake in Amsterdam-listed hedge fund MW Tops is worth about 15 million pounds and Tigue is planning to buy more to diversify the 2.6 billion pound vehicle after it delivered mixed results in recent years.
Tigue said he had participated in BH Macro’s launch because the fixed income trading fund had done well in relatively benign market conditions that should have been more difficult for its long/short investment style.
