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Benedicte Gravrand, Opalesque London:
As reported last month, a multi-family office took the unusual step of launching its own first single-manager hedge fund, in a bid to meet a growing demand from institutions for alternatives. It is unusual as such organisations normally invest in funds on behalf of clients, instead of doing the “managing” part. But this group already has a FoHFs, so it is no stranger to this approach. And besides, the directors really liked the two portfolio managers who are running the new fund so much, they had to have them.
7H Absolute is a European long/short equity hedge fund. It is domiciled in Luxembourg under the UCITS III Sicav structure, and it is the first of its kind to be launched by the Institutional Division of a multifamily office, namely Global Wealth Management (GWM) Holding. The international group’s main offices are in Switzerland and Luxembourg and the division in question is called GWM Institutional.
The fund invests mainly in equities and equity-related instruments listed on European exchanges. The equity exposure is carefully managed using a bottom up approach.
The expected return is 15% p.a. and it is up almost 3% since its 28-May-2010 inception. With a 1.5% and 20% fee structure, the fund is starting with Eur50m and targets up to Eur300m in the next twelve months.
It is run by two portfolio managers: Simone Chelini and Pietropaolo Rinaldi, both former co-founder and fund managers of the Unifortu...................... To view our full article Click here
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