Wilmington Trust has launched a “multi-strategy hedge mutual fund,” providing exposure to a set of alternatives strategies.

The Wilmington Rock Maple Alternatives Fund is managed by Wilmington Funds Management Corporation in partnership with Wilmington Trust Investment Advisors and Rock Maple Services, an alternative investment specialist.

The fund’s portfolio managers have selected eight sub-advisors to oversee separate sub-portfolios, each with a set of parameters and risk-return objectives, the firm said. The fund also invests assets in two other mutual funds.

Wilmington Trust cited a recent report by Morningstar, which said that assets in alternative mutual funds totaled nearly $80 billion as of 31 December 2011, but nevertheless account for less than one per cent of all mutual fund assets.