WEST PALM BEACH, FL (HEDGECO.NET) – Pengana Capital Management has formed a joint venture with the Chicago based asset management company, HFR Asset Management Co LLC to launch hedge funds foralternative investors in Australia and New Zealand according to a released statement. The new products would be denominated in both Australian and New Zealand dollar unit trusts.
Commenting on the new launches, the managing director of Pegana Capital, Mr. Damien Hatfield said, �Investing in the hedge fund sector on an index basis provides diversification benefits within the hedge fund asset class, across both investment styles, and hedge fund managers.�
The first in a series of the new launches would be the HFRX Global Index fund, a version of the HFRX Investable Hedge Fund Index, a highly diversified index vehicle investing in different strategies and managers. The statement also said that both the leveraged and unleveraged versions of the new product would also be available in future.
The HFRX Global Index Fund would be investing in fifty different hedge funds, utilizing eight different hedge fund investment strategies for trading, according to the released papers. Hatfield added, �Hedge funds are a genuine and growing alternative in this overcrowded unit-trust market � and this index product will carry a lower fee structure and an efficient and transparent entry into a diversified hedge fund portfolio,� he said.
In a previous statement, Hatfield said, �We�ve had about 10 approaches and most have been from long-short equity managers � five out of the 10 have been long-short. Two or three have already been established with their own Australian dollar unit trust and capital, and we�re thinking of optioning up these managers subject to due diligence.�
Teaming up with an experienced asset manager such as HFR, would obviously benefit the new funds in the Australia and New Zealand markets, with growing interest in hedge funds vehicles.
Paul Oranika
Editor-in- Chief
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and coming soon www.hedgefundemployment.com.
