Select takes different Aspect with new hedge fund
Select Asset Managementhas launched a single-manager global multi-strategy hedge fund through its joint venture with European hedge fund manager Aspect Capital, established earlier this year.
The Select Aspect Multi-Strategy Fund - the first fund of its kind in Australia according to the group - will act as a feeder for Aspect’s multi-strategy fund.
Former Aspect marketing manager Melanie Caffrey has joined Select as head of sales and marketing in time to spearhead the fund’s launch in the domestic market, and says it will appeal to both institutional and retail clients.
“Unlike fund-of-funds, it invests in a range of different hedge fund strategies which are complementary, but are managed by a single manager, and it’s a regulated managed investment scheme,” Caffrey says.
“Aspect’s ability to generate strong absolute returns within a strict risk management framework is reflected in the underlying fund’s consistent track record, which has generated an annualised return of 11.41 per cent per annum since its inception in January 2002.”
Select is in the process of attempting to have the fund included on the major master trust and wrap platforms, with direct investment also available for amounts over $100,000.
Select formed the joint venture with Aspect in March this year to obtain access to “proven quantitative trading strategies” and provide ‘best of breed’ hedge fund products to the Australian market, Select chief investment officer Dominic McCormick says.
One of the largest fund managers in Europe, Aspect has around $3.1 billion under management, and focuses on alternative investments for the retail and institutional markets.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
