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Saturday July 24, 06:04
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HVB Puts Funds of Funds On Back-Burner
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(by G. Andersen)
HVB Alternatives has postponed the launch of two proposed multi-strategy funds of funds for the German market, according to Alternative Investment News. The firm’s focus is instead on the launch of a new hedge fund certificate, which is likely to be made available around October, according to Norbert Thier, head of product structuring.
The new hedge fund certificate will utilize an artificial index developed by HVB, said Gerhard Biasi, member of the board. The underlying hedge funds have not yet been chosen and fees are also still in discussion, he added. As a retail product, minimum investment will probably be around E5,000-10,000, Biasi said. The certificate will be distributed via the parent bank’s network. It will be run via HVB’s Luxembourg-based SICAV.
The delayed funds of funds have been on the cards for some time and were previously scheduled for launch some time after March of this year (iialternatives.com, 12/11). There is now no specific timeframe for the launch, but it will be not be until the end of this year or the beginning of 2005 at the earliest, said Thier. It has been difficult to find hedge fund managers that satisfactorily comply with the new German tax and reporting regulations, and this was a reason for the initial delay earlier this year, he said. This has been alleviated somewhat with the emergence of a number of compliant funds but HVB also wanted to avoid launching too many products around the same time and decided to concentrate on certificates first, he added. "Clients are more familiar with these than with more difficult hedge funds. At the end of the day, we decided it was more feasible to have a well-structured and well-balanced product, rather than be the first on the market," Thier explained.
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