Fees key to JANA product
JANA Investment Advisers has announced what it describes as a new approach to hedge fund investing with the launch of a multi-manager hedge fund called the JANA Triplepoint Fund.
Announcing the new product, JANA managing director Ken Marshman claimed the fund represented a new approach to hedge fund investing by directly addressing the three main challenges with many absolute return strategies: high fees, poor transparency and poor liquidity.
He said that JANA had been researching hedge funds for more than 10 years and believed that an allocation to a diversified portfolio of hedge fund managers offered attractive risk-adjusted returns that exhibited low correlations to major asset classes such as equities and bonds.
According to JANA, the objective of the new product is to deliver an expected return of cash plus 5 per cent a year post fees and before tax over a five-year period with a volatility of around 6 per cent a year.
The selling point for JANA is that it claims the new product will deliver these sorts of returns at around half the cost of a typical fund of hedge fund manager, saving around 3 to 4 per cent in management and performance fees.
AUTHOR
Mike Taylor
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