WEST PALM BEACH, FL (www.hedgeco.net) – First State Investments has launched five new hedge funds. According to the press release; the new funds will utilize different strategies including fixedinterest, tactical long/short and relative value. Maples and Calder, a Hong Kong based law firm and offshore specialist assisted in the establishment of the new funds, which are domiciled in theCayman Islands according to the report.
Efforts are in place to generate seed capital in the range of $100 million according to the released information. The new fund of hedge funds will be priced in several currencies such as US dollars, Yen, Euros British Pound as well as Australian dollars. The Cayman Islands based First State Investments will be managing the funds; while the Australian based Colonial First State Investments Limited will act as the fund’s adviser.
Greg Knowles, lead attorney for Maples and Calder, said, “We believe that this is the first time that a Cayman segregated portfolio company has been made use of by fund advisers located in Australia. This fund vehicle, which is not available in onshore jurisdictions, provides for a statutory ring-fencing of liabilities as between sub-funds. In this way, we were able to add value to the structuring of the funds.”
Fee structure and minimum investments were not immediately released, but additional information may be obtained from: christine.chang@maplesandcalder.com
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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