Julius Baer's Diversified Fixed Income Hedge Fund will be opening to subscriptions from new and existing investors for a limited period.
The fund will opened to new investors and additional subscriptions from existing investors for the Dealing Days in November 2004 and December 2004.
Tim Haywood, head of single strategy hedge funds, Julius Baer said: 'Now that we have increased the capacity of our fund management team with the recent appointment of Darren Reece, and the imminent arrival of two further assistant fund managers, we are delighted to able to open a window to our existing investors so that they have the opportunity to balance their portfolios, and to new investors who have continued to show very strong interest in the fund.'
Investors wishing to subscribe for shares in the fund on these Dealing Days should obtain a copy of the prospectus for the fund and complete the application form available from the fund's administrator, International Fund Services (Ireland) Limited.
On the Dealing Days in January 2005 to July 2005 (inclusive) the fund will be implementing a "soft close" policy, whereby the fund will generally be closed for subscriptions from new investors.
Existing and potential investors in the fund with whom capacity arrangements have been agreed by 31 December 2004 will continue to be able to make additional investments up to their specified capacity limits up to the Dealing Day in July 2005.
From 1 January 2005, it is the current intention of the Directors of the fund to not enter into any further capacity arrangements nor agree to increase any existing capacity arrangements.
After the Dealing Day in July 2005 the Directors of the fund intend to institute a "hard close" policy, whereby the fund will generally be closed for subscriptions from new investors and additional subscriptions from existing investors although the Directors of the fund reserve the right, in accordance with the prospectus of the Fund dated 31 July 2003, to allow other subscriptions from new and/or existing investors on a case by case basis ongoing, most notably if, in the future, there are significant redemptions from the fund.
The Directors also reserve the right from time to time to resolve to open the fund generally to new subscriptions either for a specific period or until they otherwise determine.
Any existing capacity arrangements will cease to have effect after the Dealing Day in July 2005.
The Directors of the fund wish to note that they continue to reserve the right to refuse applications for the subscription of Shares in the fund in their absolute discretion.
The Directors will take into consideration the view of the Investment Manager, Baer Select Management Limited, and the Investment Adviser, Julius Baer Investments Limited, on the optimal capacity of the fund in light of current market conditions.