19 Jan 2011
RBC had announced that the PH&N Absolute Return Fund, its multi-strategy hedge fund, was closed to new investments effective, 14 January 2011.
The fund was capped at approximately C$675 million to maintain the integrity of the disciplined investment management approach and to ensure the manager may be able to fulfill the mandate over the long term.
Mamdani has been involved in the management of the fund since its inception in September 2002 and has been Lead Manager since December 2004. Since its inception, the fund has delivered a 16.1% annual post-fee return, with no negative returns over a full calendar year period.
The fund was capped at approximately C$675 million to maintain the integrity of the disciplined investment management approach and to ensure the manager may be able to fulfill the mandate over the long term.
“After thorough consideration, we made the decision to cap the fund in the interest of our existing clients," said Hanif Mamdani, Head of Alternative Investments for RBC Global Asset Management. “The fund has been very successful in achieving its investment objectives and has therefore enjoyed rapid growth in assets. As a result, we believe it is prudent to take a period of time to accommodate the recent growth in assets under management."
Mamdani has been involved in the management of the fund since its inception in September 2002 and has been Lead Manager since December 2004. Since its inception, the fund has delivered a 16.1% annual post-fee return, with no negative returns over a full calendar year period.
