WEST PALM BEACH, FL (HEDGECO.NET) The Bank for Arbeit and Wirtschaft AG [BAWAG] has launched its first hedge fund of funds; the new fund is the first Austrian fund to accommodate new transparencyprovisions passed by Austrian investment regulators. The new fund of hedge funds according to published reports would be marketed to any investor, no specific qualifications are necessary forparticipation in the new investment vehicle.
The new fund of hedge fund product will be tracking the S&P Hedge fund index, in accordance with an agreement between BEWAG with S&P for an establishment of a new fund of hedge funds tracking the S&P Hedge fund index. The new SPhinx fund would be marketed by PlusFunds Group, who would also perform the role of an administrator for the fund, according to the statement.
The new SPhinX fund has a low minimum investment of US$1,215 and will be closing to investors by April 1, according to Christopher Sugrue, the Chairman for the PlusFunds Group. Surgrue commended BEWAG for pursuing the application for the fund�s launching early enough. Surgrue said, �The fact that they started so early gave them the lead time to be first.�
According to Surgrue, the new fund will charge a 3% up-front fee, and an annual management fee of 1.7%. The up-front fee is waived for institutional investors he added. Many other European member states have also passed similar laws authorizing the formation of hedge funds open to all investors with small minimum investment. Such products are required to be highly transparent and should be audited by independent outside auditors. The new fund targets investors in Austria, Switzerland, and Germany.
Paul Oranika
Editor-in-Chief
Hedgeco.Net
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