Amonis, Belgium's pension fund for doctors, dentists and pharmacists, has appointed Key Asset Management to manage a USD 44m fund of hedge fund portfolio.
The lengthy selection process initially attracted proposals from more than 60 hedge fund managers and the final appointment of London-based Key was, according to Tom Mergaerts, Chief Financial Officer of Amonis, due to Key having a 'company profile and company culture that is well in line with Amonis's convictions.'
The mandate has a target return of 3-month US Libor +5% with a maximum volatility of 7%.
'We are extremely pleased that an institutional investor as highly esteemed as Amonis has demonstrated the confidence in Key to appoint us as the chosen provider for their inaugural investment in fund of hedge funds,' says Peter Dencik, Chief Executive of Key Asset Management. 'We are very excited about continuing our business development with institutional clients, reflective of the maturation of the hedge fund industry, in Belgium and the rest of Continental Europe.
Koen De Ryck, Managing Director at Brussels based Pragma Consulting acted as consultant for Amonis.
Background notes: Key Asset Management, a pioneer in the European hedge fund industry, was founded in 1989 to research and evaluate hedge funds and launched its first hedge fund, Key Hedge Fund, Inc in April 1990. Key has invested in hedge funds over the past 16 years with the objective of achieving high risk-adjusted rates of return and preservation of capital; an objective which has been achieved across a variety of market cycles. Key, with offices in London, Oslo, Geneva, Stockholm and New York, manage and advise on assets in excess of USD 1.3bn across a number of different strategies.