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Komfie Manalo, Opalesque Asia: The Pacific Alternative Asset Management Company LLC (PAAMCO), one of the largest institutional investment firm focused on hedge funds, is rolling out PAAMCO Select, a stock portfolio that allows institutional investors, including pension funds, a new vehicle to bet on stocks popular with big hedge fund managers.
In a report, Reuters said that PAAMCO Select allocates its assets to several hedge fund managers who invest on stocks for their investors who want to generate higher returns compared to the average index fund.
Carrie McCabe, a managing director at PAAMCO who developed the new product commented, "This business is going to marry the clients' needs for higher returns and the hedge fund managers' skills in picking great stocks." McCabe was designated as the portfolio's chief investment officer.
PAAMCO Select will have its office within a unit of PAAMCO Prisma Holdings LLC, which currently manages over $30bn in assets and advisement. The fund's launch also comes at a crucial time for pension funds and hedge funds.
McCabe would not identify the hedge funds the new offering is targeting to invest but hinted the funds are being run by fund managers with long history of asset management, overseeing billion of dollars focusing on large-cap stocks.
She said, "The best hedge fund ma...................... To view our full article Click here
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