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From Kirsten Bischoff, Opalesque New York: West Palm Beach, Florida-based Aduro Asset Group LLC recently announced the March 1st 2009, launch of a manager of managers hedge fund.
The fund will focus on a subset of managers which the firm oversees already through other products and strategies. As with Aduro’s prior launches, the Aduro liquidity strategy was in response to current investor demand and so even in this brutal asset raising environment the firm expects to launch with approximately $30-$40m.
Aduro, which runs a late stage VC PIPE fund as well as structured products in-house, opted to design the liquidity strategy on a manager of managers model, largely because of the additional transparency available through separately managed accounts.
While the firm has been utilizing this model since its start in 2007, the current debate on the future of the fund of funds model has served to strengthen the firm’s philosophy. There has been much talk about the “death of” the fund of funds model. James McKee, director of hedge fund research at investment consulting firm Callan Associates Inc told Bloomberg.com this week that funds of hedge funds had not demonstrated their ability to add value above the broad market, and that he expected there would be pressure for future change.
“The separate managed account model is going to be a standard,” Michael Elias of Aduro told Opalesque. “And we feel that and think ...................... To view our full article Click here
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