LONDON (HedgeWorld.com) – EFG Private Bank Ltd. and David Tice will offer a new gold stock hedge fund, the Prudent Global Gold Fund.<\/p>\n
The fund will be sold outside of the United States by EFG Private Bank, an arm of EFG Bank Group, Geneva, and is managed by Mr. Tice’s Dallas-based firm David W. Tice & Associates LLC.<\/p>\n
EFG executives believe that now is a good time to be introducing a gold-focused fund, from both an investment and business standpoint. A lack of leadership in global currencies is giving gold more cachet in the investment community. “Our feeling is that gold … is the default currency” right now, drawing demand from investors globally, said Mozamil Afzal, head of investment management for EFG Private Bank.<\/p>\n
Some agree, a gold analyst for Rosenthal\/Collins, Chicago, recently said that gold could hit US$400 an ounce.<\/p>\n
Teaming with Mr. Tice is part of EFG’s effort to give its clients access to leading investors. (The firm recently shifted US$250 million to GAM as part of that.<\/p>\n
But EFG continues to manage hedge funds of funds internally and is working to expand in that area, Mr. Afzal said. Currently, US$50 million is in its hedge funds of funds, he said.<\/p>\n
The new gold fund is domiciled in Jersey and will invest in midcapitalization and small-cap gold stocks using a long bias and a maximum short exposure of 40%. The investment minimum is US$100,000, and the fund charges an annual management fee of 2% and a performance fee of 20%. The administrator is EFG.<\/p>\n
EFG Asset Management Ltd. manages about US$1 billion total.<\/p>\n
Mr. Tice couldn’t be reached for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON (HedgeWorld.com) – EFG Private Bank Ltd. and David Tice will offer a new gold stock hedge fund, the Prudent Global Gold Fund. The fund will be sold outside of the United States by EFG Private Bank, an arm of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-212","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=212"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/212\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}