Matrix has drawn up plans to mirror its open-ended funds of hedge funds with closed-ended versions whose gains qualify for capital gains tax in the UK. Matrix predicts that they will become increasingly popular from April 6, when the capital gain tax rate in the UK will be reduced from an investor's highest rate of income tax to a flat rate of 18 per cent.

Matrix currently has three funds of hedge funds, Matrix Horizon Fund, Matrix Max Fund and Matrix Asset Based 2 Fund, in its closed-ended fund range. Each has a sterling share class and a minimum investment level of GBP50,000.

Matrix is planning to launch a further five closed-ended funds of hedge funds so that each of the funds in its open-ended range has a closed-ended version. The next fund to be launched will be a closed-ended version of the Matrix Emerging Markets Index Fund.

The initial offer period for the open-ended fund closes on February 20, while the closed-ended version will have its initial offer period in March and will close at the end of the month.


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