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SIG and Permal launch $250m Ucits multi-advisor active trading fund

Monday, June 14, 2010
Opalesque industry Update - Strategic Investments Group, in partnership with Permal Group, has announced the launch of the Active Trading Fund (‘ATF’ or the ‘Fund’), a UCITS III absolute return multi-manager fund. Deutsche Bank collaborated in the development of the Fund, which launched on May 14 with $250 million.

ATF becomes the first alternative UCITS multi-advisor fund to invest entirely in dedicated separately managed accounts (‘Accounts’). Each Account is managed by a leading active trading fund manager and is owned and set up by ATF, as well as being housed with ATF’s custodian. There is no commingling with other investors. The Accounts are all UCITS III compliant, offering weekly liquidity, full transparency and with independent risk controls.

The mandate to the underlying managers is to generate absolute returns in liquid global markets - TT International, QFS Asset Management LP, Apex Capital LLC and NWI Management LP are just some of the managers selected by Permal for the ATF.

Given the degree of volatility and uncertainty in today’s financial markets, across all regions around the world, Permal believes that an active trading fund makes sense, allowing for maximum flexibility to take advantage of the investment opportunities, as and when they arise.

To create ATF, Strategic Investments Group has brought together some of the leading names in the alternative sector:

Permal Group, one of the largest and most experienced alternative investment groups in the world, is the investment manager, and responsible for ATF fund manager selection, due diligence and asset allocation.

Deutsche Bank, a market leader in risk monitoring and alternatives in UCITS, is conducting ATF independent risk monitoring.

State Street Corporation, one of the world’s leading providers of financial services to institutional investors, is providing investment services to ATF. State Street’s operations in Ireland will provide a comprehensive range of Fund Administration and Custodial services to the new fund. State Street will also provide Currency Management services to the Fund.

Thanos Ballos, Managing Partner at Strategic Investments Group, commented: “ATF is a sophisticated UCITS III multi-advisor fund, which is entirely focused on active trading strategies, utilizing completely segregated accounts and managed by some of the best-in-class fund managers in the alternative space. ATF has weekly liquidity with no mismatch across the whole platform. This is the result of listening to our institutional and family offices investors who wanted a regulated, liquid, multi-advisor fund, offered within the UCITS framework, and with the added safety of independent risk controls. ATF brings together some of the leading names in the alternatives sector, with UCITS III providing the ideal regulatory platform.”

Omar Kodmani, Senior Executive Officer at Permal added: “Combining separately managed accounts with UCITS makes a great deal of sense, given the enhanced control, transparency and flexibility that such accounts provide, and - in this case - enabling each Account to be UCITS compliant. By opening the manager field beyond the current UCITS alternatives offerings, we have been able to be more discerning and selective, and more in tune with our wider multimanager thinking.”

Stephane Farouze, Global Head of Fund Derivatives at Deutsche Bank commented: “ATF is a ground breaking fund which, for the first time, offers a multi-advisor fund in UCITS format with all underlying trade positions actually owned directly by the Fund (unlike traditional fund of funds). This is a seminal fund which will further propel our industry towards greater transparency, independent risk control and real liquidity. We are very pleased to have collaborated in the development of the ATF and to be appointed as the Risk Monitor of the fund.”

“We are delighted to have been selected to provide investment services for this innovative new fund” said William Slattery, Executive Vice President and Head of European Offshore Domiciles at State Street Corporation.

Strategy: Absolute return – Active Trading
Number of Underlying Managers: 11-15
Target returns: 8-10% p.a.
Target volatility: 5-7% p.a.
Liquidity: Weekly with 48-hour notice
Domiciled/Listing: Dublin, Ireland – Irish Stock Exchange
Currencies: £/€/$

Corporate website:

- FG

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