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Investment management consultancy Laven Partners has worked with precious metals trading company Hinde Capital to launch a dedicated gold hedge fund, the Hinde Gold Fund, in little more than two months, compared with up to 12 months for some new fund set-ups.
Laven Partners advised on the authorisation by the Financial Services Authority of the investment manager, Hinde Capital, and on the establishment of the fund in the British Virgin Islands, assisting with all aspects of the launch including reviewing legal, tax and structuring issues as well as providing introductions to service providers.
The Hinde Gold Fund aims to deliver annual returns of 25 per cent by investing solely in gold and gold related securities, and will maintain both long and short positions to benefit from or protect itself from fluctuations in the gold market. The fund will be managed by Mark Mahaffey, a former managing director of Bank of America, and Ben Davies, the former head of London trading at RBS Greenwich.
'We wanted to get the fund up and running as soon as possible, and Laven Partners' experience enabled our firm to be FSA-approved within three weeks,' Davies says. 'We even had a call from the FSA to praise us on the quality of our application.'
Mahaffey says: 'We believe that gold and silver is the cheapest asset class at the moment and that the cost of production has put a floor under the price. We are at a monetary juncture so it is not only advisable to invest in gold - it is a must.'
Jérôme de Lavenère Lussan, managing partner of Laven Partners, adds: 'The fact we are able to offer compliance, tax, structuring and legal services under one roof has played a key role in this fund coming to market so quickly. Our experience and expertise in FSA authorisation and hedge fund set-up meant the fund was launched in just three months.' Laven Partners also provides distribution and advisory services to fund managers and investors.
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