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Nathanael Benzaken By Beverly Chandler, Opalesque London:

Speaking at the Opalesque Roundtable in France, sponsored by Custom House Group, Nathanael Benzaken from Lyxor Asset Management confirmed that the firm will be launching a UCITS hedge fund platform. "We have been hesitant in launching UCITS hedge funds. We were a little bit skeptical at the beginning due to the natural inclination to distribute such products to quasi-retail investors. Such a distribution channel usually comes with a large AuM, and size comes with lower performance in the hedge fund world. And on top of that, the overall investment constraints imposed by the UCITS framework can potentially limit the strategy replication and mechanically negatively impact performance. This being said, what we decided to do is to address those issues by being very selective when it came to select managers and strategy to on-board on our new UCITS hedge fund platform" Benzaken said.

"We are indeed about to launch a number of UCITS hedge fund products with the same investment approach as a traditional hedge fund investor would have. We will launch these UCITS single hedge funds over the next coming months, with the first one to be launched in August." Benzaken said that this 'second evolution reveals a new trend where some institutions are redeeming from funds of funds and starting to hire analysts and portfolio constructors internally to start allocating directly, often by setting up what is called a dedica......................

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