London-based Rhicon Currency Management is preparing to launch the Rhicon Strategic Fund on 1 July 2004.
The new fund aims to achieve 12-17% annual returns (on a volatility of 7-10%) using a discretionary technical trading program largely focused on G-10 currencies and selective financial futures.
This new strategy complements Rhicon's current product by applying a broader trading mandate whilst sharing the same investment philosophy based on a strict and disciplined risk management approach.
Rhicon's launched its first program (Rhicon Global Forex Fund) in December 2001 and currently manages approximately USD 200 million.
Rhicon has invested in the development of its infrastructure and business management, and now boasts a team of eight.
The new Rhicon Strategic Fund is domiciled in the Cayman Islands with both USD and EUR share classes. It will be managed by Rhicon Currency Management (UK) Ltd, which is authorised and regulated by the FSA.
Privately launched in early 2004, the program has successfully united the complementary trading approaches of Rhicon's managers, and has committed assets of USD 50 million at start.
Rhicon stated: "The fund provides significant opportunities for growth and reflects Rhicon's commitment to building a first class alternative asset management firm".