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From Matthias Knab, Opalesque Europe: Brisbane-based Queensland Investment Corporation (QIC), a leading institutional investment manager with over $80 billion in funds under management, is building an internal global equities fund of hedge fund that will allocate to only six underlying managers. Strategies deployed include long/short, quantitative market neutral, eventdriven and relative value, risk and volatility arbitrage.

According to Hatfield Liptak Advisors, four of the managers have already been awarded mandates to other QIC products. The fund will be initially seeded with $30 million and will go live on October 1. It will be QIC's first international equity based absolute return FOHF although the $80 billion institutional manager runs other FOHF strategies in its Implemented Absolute Return division such as its Global Macro Fund.

Meanwhile, QIC has allocated $570 million into Charlotte, NC based "US endowment-style" fund manager Global Endowment Fund, (GEM) according to Financial Standard. GEM offers private investment partnerships that seek to replicate the investment style employed by leading university endowments. These styles typically have large weightings given to absolute return investments.

Adrian Ryder, managing director, strategy, QIC, attributed stable returns, a good mix of alternative and absolute return investments, and access to private equity partnerships as the main factors driving QIC's interest in endowment style......................

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