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Alternative Market Briefing

Ramius to launch hedge fund replicator mutual fund with daily liquidity

Friday, July 23, 2010

Benedicte Gravrand, Opalesque London:

Ramius LLC, the asset management division of Cowen Group Inc. (Nasdaq: COWN), yesterday announced the creation of its first mutual fund, Ramius Dynamic Replication Fund.

The news in itself would be unnoticed within the hedge fund industry if it weren't for the edge of that fund. Indeed, it is meant to focus on hedge fund replication, and to provide "investors the opportunity to access market exposures typically characterized by investments in hedge funds, but with the daily liquidity of a mutual fund."

It will start operating by month-end, with more than $100m in initial capital.

Thomas W. Strauss, President and CEO of Ramius, said, "With the Ramius Dynamic Replication Fund, we ... offer the same level of sophistication to a broader universe of retail clients, who typically have a more limited range of alternative investment options. The Fund will also enhance the breadth of Ramius' suite of alternative products in order to better meet the needs of investors including the largest global institutions, the increasingly important high net worth segment, and the relatively underserved retail marketplace."

Drawbacks and upside of clones The ......................

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