Lombard Odier Darier Hentsch has launched a long/short fund of hedge funds, invested in the Latin American equity markets. The new fund, ...

Lombard Odier Darier Hentsch has launched a long/short fund of hedge funds, invested in the Latin American equity markets. The new fund, which was launched at the beginning of June, has already garnered $50 million in assets spread across 13 money managers mostly located in Brazil. Lombard Odier Darier Hentsch said: “The inception of the hedge fund industry in Latin America was a by-product of the economic stabilisation plans that contained hyperinflation in Latin America from the 1990s. “This is not a coincidence - without a minimum set of functioning institutions, economic/political ‘normality’ and stability of rules, there was no solid grounds for the development of hedge funds or any other alternative investment. The first local Latin hedge funds appeared in Brazil in mid-1990s, after the successful implementation of the Real Plan.” Performance for June was up 1.5 per cent, expect another 1.2 per cent for July, said LODH. The fund is denominated in a euro and dollars classes. There are no performance fees and a management fee of 1.5 per cent per annum. The minimum investment in the fund is $20,000. It is domiciled in Luxembourg, and its administration is handled by CACEIS Bank Luxembourg.