Massena Advisors, which has offices in Geneva and Luxembourg, has signed an exclusive agreement to distribute the Vermont Asset Finance Fund, the flagship fund of Geneva-based Nara Capital, in the German-speaking part of Switzerland, Germany, Austria and Liechtenstein.
The Vermont Asset Finance Fund is a Cayman-domiciled fund of hedge funds launched in January by Nara Capital, which offers specialist alternative strategies to institutional investors. It is distributed in the UK by Laven Partners.
The fund invests in areas including factoring, purchase order finance, trade finance and collateralised corporate lending. It targets annual returns of between 10 and 14 per cent with very low volatility and low correlation with both traditional and other alternative strategies.
'We are very pleased to team up with Massena Advisors for the distribution of the Vermont Asset Finance Fund,' says Louis Zanolin, Nara Capital managing partner and the fund's co-portfolio manager.
'Daniel Ghirardi and his team have a unique expertise in the distribution of niche products to the institutional investor community. We believe they have the know-how and network we require to promote and distribute the fund professionally. Massena Advisors has also committed a significant investment to our funds which further aligns the interest of our firms.'
Ghirardi, Massena Advisors' managing partner, says: 'We believe Nara's approach is unique in that it is among the very few firms to offer a pure asset-based lending portfolio, which is what our clients are looking for.
'I have been following Nara since its launch, and so far the fund has exceeded our expectations and delivered consistent positive returns, with no negative month and very low volatility despite the incredibly challenging market environment.
'The events of the past six months were a proof of concept that clearly underlines the product's true decorrelation potential and steadiness of performance. This is the reason we have decided not only to distribute the product but to invest a significant amount of our internal client's assets into the fund.'