14 Jun 2010
Strategic Investments Group and Permal have launched a UCITS III absolute return multi-manager fund, called the Active Trading Fund. The fund, developed in collaboration with Deutsche Bank, was launched on 14 May with $250 million. The fund is being hailed as the first UCITS multi-advisor fund to invest entirely in dedicated separately managed accounts.
“ATF is a ground breaking fund which, for the first time, offers a multi-advisor fund in UCITS format with all underlying trade positions actually owned directly by the fund,” explained Stephane Farouze, global head of fund derivatives at Deutsche Bank.
Each account is managed by a leading active trading fund manager and is owned and set up by the Active Trading Fund and housed with the ATF’s custodian. There is no commingling with investors, all accounts are UCITS III compliant, offer weekly liquidity, full transparency and possess independent risk controls.
The mandate to the underlying managers is to generate absolute returns in liquid global markets. Amongst those fund managers selected are TT International, QFS Asset Management, Apex Capital and NWI Management.
Permal is carrying out fund manager selection, due diligence and asset allocation, while Deutsche Bank is conducting independent risk monitoring.
“ATF has weekly liquidity with no mismatch across the whole platform,” said Thanos Ballos, managing partner at Strategic Investments Group. “This is the result of listening to our institutional and family offices investors who wanted a regulated, liquid, multi-advisor fund, offered within a UCITS framework, and with the added safety of independent risk controls.”
By using managed accounts instead of conventional UCITS funds, ATF is accessing managers that have yet to launch their own UCITS products, and indeed may never do so. This also lets fund selector Permal choose from a broader universe of funds than is currently available on the UCITS III hedge fund menu.
“ATF is a ground breaking fund which, for the first time, offers a multi-advisor fund in UCITS format with all underlying trade positions actually owned directly by the fund,” explained Stephane Farouze, global head of fund derivatives at Deutsche Bank.
Each account is managed by a leading active trading fund manager and is owned and set up by the Active Trading Fund and housed with the ATF’s custodian. There is no commingling with investors, all accounts are UCITS III compliant, offer weekly liquidity, full transparency and possess independent risk controls.
The mandate to the underlying managers is to generate absolute returns in liquid global markets. Amongst those fund managers selected are TT International, QFS Asset Management, Apex Capital and NWI Management.
Permal is carrying out fund manager selection, due diligence and asset allocation, while Deutsche Bank is conducting independent risk monitoring.
“ATF has weekly liquidity with no mismatch across the whole platform,” said Thanos Ballos, managing partner at Strategic Investments Group. “This is the result of listening to our institutional and family offices investors who wanted a regulated, liquid, multi-advisor fund, offered within a UCITS framework, and with the added safety of independent risk controls.”
By using managed accounts instead of conventional UCITS funds, ATF is accessing managers that have yet to launch their own UCITS products, and indeed may never do so. This also lets fund selector Permal choose from a broader universe of funds than is currently available on the UCITS III hedge fund menu.
