Wegelin relaunches multistrategy fund of funds without double fee structure
Swiss alternative manager Wegelin Asset Management has relaunched a multistrategy fund of hedge funds aimed at qualified investors and diversified across various investment strategies and classes that dispenses with double fees.
The Wegelin Multi-Strategy Fund, which invests in a range of specialised single hedge funds with long track records, charges no additional fees. On average, annual management fees are just 1 per cent and performance fees 20 per cent- around 3.5 per cent less than an investor would expect to pay on a traditional fund of hedge funds.
The fund generated returns of 3.1 per cent in February. Individual components of the fund have existed since 2003, and over the past five years the strategy posted annual returns of 12.3 per cent and annual volatility of just 7.5 per cent.
Dr Magne Orgland, head of asset management at Wegelin & Co. Private Bankers, says: 'I am delighted that Wegelin's relaunched multistrategy hedge fund gives the market an innovative product that frees investors from the burden of double fees.'
The Wegelin Multi-Strategy Fund is a Guernsey class B umbrella sub-fund, offering weekly liquidity and a minimum trading size of EUR10,000. Subscription and redemption fees of 0.4 and 0.6 per cent respectively are credited to the fund.
St Gallen-based Wegelin Asset Management is the institutional investment unit of Wegelin & Co. Private Bankers and is an active quant manager as well as a single hedge fund manager. Founded in 1741, Wegelin & Co is Switzerland's oldest bank and manages client assets of some USD20bn, achieving annual growth rates exceeding 25 per cent over the past 10 years.
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