West Palm Beach (HedgeCo.Net) – BlackRock Inc. has just launched a $500 million fund of funds IPO to be traded on the London Stock Exchange.
The fund, Absolute Return Strategies, Ltd will aim to generate 6 percent over the 3-month London interbank offered rate each year, according to an article published in the Wall Street Journal.
Absolute Return Strategies will provide investors access to its $11 billion Appreciation Strategy of investing in pools of hedge funds, which it acquired last year as part of its purchase of Quellos Group LLC.
While there are restrictions as to who may invest in hedge funds in the United States, there are about 30 funds listed in London that are open to anyone who can buy shares. The Absolute Return Strategies fund would be among the largest listed.
BlackRock currently manages about $1.3 trillion across their equity, fixed income, cash management, alternative investment and real estate strategies.
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net
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