Wed, 04/07/2007 - 07:00
New York-based Rochdale Investment Management has launched the Rochdale Core Alternative Strategies Fund, a fund of funds strategy that is broadly diversified by both manager and strategy and seeks to deliver high absolute returns with low volatility.
The Core Alternative Strategies Fund is Rochdale's first hedge fund offering registered with the Securities and Exchange Commission and is viewed by the firm as a natural extension of the services it offers to high net worth clients.
Says chief executive Garrett D'Alessandro: 'In creating an SEC-registered hedge fund, we are once again at the forefront of portfolio innovation. We view alternative assets as an intelligent and prudent way for investors to achieve diversification beyond traditional asset classes.'
The fund's investment management is sub-advised by AIG Global Investment Group, an institutional fund of funds manager selected for its long established track record and strong focus on risk management. The estimated unsubsidised total annual expense ratio is 2.2 per cent.
Rochdale says it has created one of the few publicly-registered US hedge funds, providing greater transparency and investor eligibility. With a low minimum investment of USD25,000, the fund is available to a broader investor universe than unregulated private hedge funds, although access is limited to qualified investors with a total net worth of at least USD1.5m.
Rochdale Investment Management is a private investment counselling firm that specialises in personalised portfolio management for high net worth individuals and families and that managed assets totalling USD2.5bn at the end of March. Rochdale manages customised portfolios for each client, with investment strategies implemented through proprietary separate accounts and funds.
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