WEST PALM BEACH, FL (HEDGECO.NET) – A European asset management company has launched a new hedge fund product. The new product, known as VIP fund, was unveiled by Charlotte Square, a veteran fundmanager. The VIP is an acronym which stands for Vested Interest Fund. The VIP fund will only invest in other hedge funds on condition that the manager of such funds invests a minimum of BP1 million,[US$1.8million].
The new product is domiciled in the Isle of Man, however Charlotte Square, an Edinburgh, Scotland will run the fund based investment manager. During the first six months of the fund�s trading period, the VIP fund will be available through the Scottish Life International; an arrangement with the Life insurance Company will enable investors to buy into the fund, through the Protected Investment Management Service (PIMS), a subsidiary of Scottish Life International.
The new VIP portfolio �would be tilted towards defensive positions� according to the released statement by the portfolio manager, William Forsyth. He also said the new portfolio would invest in European hedge funds, Unit Trusts, OEICS, and other instruments. The new VIP fund may hold cash positions when situations warrant that.
The released statement further said the new product will only be sold directly to high-net-worth individuals. No further details about fees and initial minimum investment were immediately made available.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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