Sun, Nov 23, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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 ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Regulatory - Stringent rules for hedge funds make the financial system fragile[more]

    From FT.com: …It is one thing to impose a regulatory burden when there is a clear need to do so. Banks are underwritten by taxpayers via deposit insurance as well as the too-big-to-fail safety net; they need to be reined in, and if they shrink as a result, that may be welcome. But it is another thin

  2. Investing - Apple: Hedge funds are crazy about it, Greenlight Capital took stake in Citizens Financial after IPO, Tiger Global added to Hertz, exited Dollar General last quarter, Oberweis sells NQ Mobile stake as Valiant adds shares, Whitney Tilson sticks to losing bet on MagicJack shares, Brigade Capital backs €90m Quinn sale[more]

    Apple: Hedge funds are crazy about it From Techinsider.net: Apple Inc. is still the most popular stocks among hedge funds. According to a recent report by hedge fund tracking site Insider Monkey, more than one out of 5 hedge funds are invested in Apple Inc. At the moment there are

  3. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  4. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  5. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca