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Alternative Market Briefing

New York absolute return manager re-domiciles offshore fund to Ireland

Tuesday, October 22, 2013

Benedicte Gravrand, Opalesque Geneva:

Marketfield Asset Management LLC, a New York-based absolute return manager that runs several equity and bond funds, recently launched its first European regulated fund.

The fund in question is a liquid alternatives fund, which previously only existed as a 1940 Act fund in the United States, and as a Cayman Islands offshore fund, according to announcement from Carne Group, a hedge fund governance adviser.

Stuart Fieldhouse, Director of Research and Communications at Carne, told Opalesque that the fund has $650m in AuM, and that the 1940 Act version, which is reserved for U.S. investors, still exists. The fund in Cayman was called the Marketfield Fund Limited, and was launched there in 2007.

Now the strategy is available in Europe under the new Alternative Investment Fund Manager Directive (AIFMD), as the Cayman fund was re-domiciled to Ireland as a QIAIF (Qualifying Investor Alternative Investment Fund).

The QIAIF is more flexible than UCITS for alternative strategies allowing physical shorting and broader investment restrictions, the announcement says. The Irish QIAIF structure provides Marketfield with the ability to physically short single name stocks and effectively replicate the investment opportunity it offers to non-European and domestic US investors. The ......................

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