City Financial launches Asian fund of funds advised by Clontarf Capital
UK asset management firm City Financial has launched the City Financial Asian Absolute Growth Fund, its first foray into the Asian fund of funds market and its first fund primarily targeted at institutional investors.
Capitalising on the strong maturation of the Asian hedge fund market in recent years, the fund is designed for investors seeking hedged exposure to Asian markets, with low fees and a high degree of transparency. In contrast to many of its peers, the performance fee only applies once 10 per cent performance has been delivered, with no catch up. This, coupled with a management fee of only 80 basis points, puts the fund in an exclusive group aimed at offering high returns without characteristic high costs.
The City Financial Asian Absolute Growth Fund offers a concentrated portfolio of 10 high-conviction funds with exposure to growth in China, India and other Asian markets. These funds are meticulously selected by Aoifinn Devitt and the Clontarf team from a field of over 1000 and evaluated for transparency, track record and returns, complimented by personal meetings with a team that spends one month in three in Asia.
“Not long ago, the Asian hedge fund market was considered ‘the wild east,’ but this is simply no longer the case,” says Andrew Williams (pictured), Chief Executive of City Financial. “We are delighted to be launching the City Financial Asian Absolute Growth Fund to offer select exposure to the considerable on-the-ground fund management talent that the region is beginning to boast. We’re also delighted to have Aoifinn Devitt and Clontarf join our roster of exceptional portfolio managers.”
Aoifinn Devitt, Portfolio Manager of the fund, adds: “Institutions have for years been investing in the Asian region but most still limit their exposure to long-only holdings. We are extremely proud to be able to offer a product that has evolved to meet their demands, not only featuring meticulous selection standards and complete transparency, but also an ‘evolved’ fee structure that puts us head and shoulders above our peers.”
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