ABN AMRO Asset Management (AAAM) this week passed the milestone of USD 1bn in assets under management for funds of hedge funds.
AAAM currently manages six such products, including the recently launched Relative Value Strategy Fund. Total assets under management for all hedge products stood at just USD 40m three years ago.
AAAM also has a single strategy hedge fund business with USD 100m assets under management in two hedge funds, the ABN AMRO Currency Fund and the ABN AMRO Emerging Markets Debt Hedge Fund, and a further USD 600m in absolute return currency products managed on a similar basis.
Further launches are planned for 2004 and 2005, which should see its single manager funds grow to also breach the USD 1bn mark.
Gary Vaughan-Smith, Head of Alternative Investments at AAAM, said: "Passing through the USD 1bn level is a key milestone for us and we are continuing to see significant demand for fund of hedge funds products from both institutional and high net worth clients.
Vaughan-Smith said: "The historical growth underlines our commitment to and success in active management and the anticipated growth is as much a testament to the quality of ABN AMRO's global distribution network."
The latest fund of hedge funds in the roll out programme is the Relative Value Strategy Fund, an open-ended fund of hedge funds investing in a wide range of relative value strategy hedge funds, designed as an alternative for investors who would normally choose fixed income investments.
The Luxembourg-domiciled Relative Value Strategy Fund is listed on the Luxembourg Stock Exchange and is available inEuro & USD (hedged) classes. The fund administrator is State Street Luxembourg.
Minimum Investment is EUR 10,000 / USD 10,000.