WEST PALM BEACH, FL (www.hedgeco.net) – Deutsche Bank Advisors has announced it will be spinning of its hedge fund proprietary hedge fund operation, GSA Capital, an assets management subsidiary basedin London. The unit is made up of 16-member staff, drawn from the firm�s statistical arbitrage unit according to the report.
The new company will be headed by Jonathan Hiscock and Stephen MacIntyre. The fund named, GSA Capital International Fund will be utilizing qualitative long/short equity strategy as its core trading technique. The fund is slated to launch on March 1, and seed capital in the amount of $500 million had already been generated from a group of 20 hedge fund investors from across the world.
Earlier unconfirmed reports asserted that the DB Advisors hedge fund unit may be closed, however the Bank decided to restructure its Asset Management, and the spin-off decision was then made. Bank sources explained that the spin-off decision had nothing to do with other developments at the bank, and that a decision to spin off that unit had been planned about one year ago.
In 2004 the Bank unveiled a new fund, which offers investors exposure to hedge fund strategies. The new vehicle was introduced in Hong Kong in an effort to strengthen its Asian asset management business. The MaxVision Guaranteed Fund would �provide exposure to hedge funds via the HFRX Global Daily Hedge Fund Index.
The fund is also the first in a series of products which the Bank hopes to introduce into the Asian market. The MaxVision Guaranteed Fund offers 50 to 70% for initial participation rate in the HFRX index, but the reports also said such exposure may go higher, depending on the asset allocation formula employed by the fund.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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