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Bailey McCann, Opalesque New York: New York-based HedgeCoVest is launching a new alternative investment platform that acts as a half step between liquid alternatives and traditional hedge fund investment relationships. The platform is launching with 1,500 beta users - a combination of both retail and institutional and will provide both sets of investors access to hedged strategies.
Unlike a traditional '40 act structure, which offers a hedge fund strategy inside the mutual fund wrapper, the HedgeCoVest platform provides access to the same trades as a hedged strategy but in an account that more closely resembles a separately managed account without the overhead. The platform provides real time performance reporting, flat fees and the ability to allocate or liquidate at anytime.
"After 2008, investors have grown frustrated with traditional hedge fund structures and their high fees along with other risks like style drift. Here investors are empowered to pick managers best ideas and allocate and we deliver the trades without the management fees, and without waiting for a mutual fund to come to market," HedgeCoVest CEO Evan Rapoport, said in an interview with Opalesque.
So far, the firm has generated over $80 million in committed capital for the platform and signed 45 investment management companies. Names on the platform include Fred Alger, The Boston Company, Cornerstone, Kovitz and Sandell.
"I am aggressively migrating a large portion of my practice int...................... To view our full article Click here
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