Finles, a Dutch investment company, is launching a multi-manager fund, the Finles Star Selector Fund. The fund, which will have a more aggre...

Finles, a Dutch investment company, is launching a multi-manager fund, the Finles Star Selector Fund. The fund, which will have a more aggressive return target than most fund-of-hedge-funds, will be launched in January 2006. The new fund will invest in approximately 15 single manager hedge funds. Rather than entry, exit and management fees, there will be a 20 per cent performance fee. All the underlying single manager hedge funds have a return target of over 20 per cent. The fund will be multi-strategy, with the emphasis on global macro, long/short equity, CTA, event-driven and special situation managers. Finles are targeting the 600 smaller pension funds in the Netherlands, high net worth individuals, charities and third-party marketers and has an ambitious target to increase its assets under management ten-fold to €2 billion. The Utrecht-based firm currently has €200 million in AUMs and 3,700 individual investors. The French insurer AXA and Dutch insurer Achmea jointly hold 50 per cent of Finles, with the balance held by senior management.