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Alternative Market Briefing

Ramius: liquid alternatives should replicate, not alter hedge fund strategies

Friday, October 12, 2012

amb
Vikas Kapur
Bailey McCann, Opalesque New York:

Liquid alternatives continue to grow and the space is attracting some big name managers. Hedge fund replication strategies and managed futures are some of the most popular varieties of these new funds and Ramius, the global alternative investment management business of Cowen Group, Inc. offers both of them as part of its expanded liquid alternatives offering.

Historically, Ramius has been a hedge fund catering to institutional investors, the firm’s alternative strategies include Global Long/Short Credit, U.S. Small Cap Value, and Event Driven. Through their work in these strategies, firm principals recognized the need for quality retail products that offer retail investors access to some of the more competitive aspects of hedge fund investing.

"Our hedge fund replication product delivers alternative betas applied against a portfolio of hedge funds with an open ended 40-act fee structure that is similar to a long only mutual fund," explains Vikas Kapur, who manages the Ramius Replication Fund, in an interview with Opalesque

. He notes that the investment team dissects the betas of the portfolio to ensure the best results and also rebalances on a monthly basis against broader macro factors. "We want managers in the fund who can capture the betas we want to extract," he says.

The trading team for this fund is largely the same as the trading team Ramius uses with its institutional client base in o......................

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