COMINVEST, the asset management arm of Commerzbank AG, is preparing to launch a fund of hedge funds for the German market.
The fund will be developed via a partnership between COMINVEST, New York-based PlusFunds Group, Inc. as the provider of a separate managed account platform and Zurich-based active fund of fund manager Harcourt, as the advisor for manager selection and allocation.
Using some of the 69 managers available on the PlusFunds platform, COMINVEST plans a broadly diversified approach that invests in all main hedge fund strategies. This concept serves the demands for product transparency and risk management of institutional clients.
Peter Fanconi, managing partner at Harcourt, said: "COMINVEST has pursued an excellent approach in order to deliver a superior offering to its institutional client base."
He added: "For a market that is just beginning to open up to hedge fund investing, we are convinced that we have identified together with COMINVEST an approach that will make their fund of hedge funds one of the best available in the market in Germany today".
Michael Vogt, Manager of COMINVEST, said: "We believe that the market will reward our strategy to provide allocations among the high quality managers available on the PlusFunds platform, whilst addressing its requirement for transparency and independent risk oversight. Our best-of-breed selection remains in line with our traditionally high product and service standards to our investors."
Background Note: COMINVEST is the asset management arm of Commerzbank. With consolidated total assets of about 380 billion euros, Commerzbank, based in Frankfurt am Main and founded in 1870, is one of Germany's - and Europe's - leading private-sector banks. Some 32,000 employees, including 7,000 abroad, serve roughly 7 million customers. Apart from the parent bank, Commerzbank AG, the Group consists of numerous subsidiaries in Germany and around the globe.
Harcourt AG, Zurich is one of the leading suppliers of hedge funds solutions to institutional investors. Founded in 1997, the company is located in Zurich with branches in New York, Geneva and Stockholm. It manages more than USD 2 billion and has 40 experienced investment specialists. Harcourt's main shareholder is NIB Capital group.