Wachovia, the fourth-largest bank in the US by assets, is offering wealthy investors the chance to sink money into a wider range of funds of...

Wachovia, the fourth-largest bank in the US by assets, is offering wealthy investors the chance to sink money into a wider range of funds of hedge funds, controlled by its alternative strategies division. Wachovia Alternative Strategies has nearly doubled its options to about 27 funds that invest in hedge funds, private equity funds and other strategies. To invest, individuals need a net worth of at least $1 million to $5 million depending on the fund. Institutions need $5 million to $25 million. Wachovia Alternative Strategies manages about $1.2 billion in assets, according to a filing with the Securities and Exchange Commission last year. It employs about 30 people in Charlotte and Boston. Evergreen Investments, Wachovia's asset management arm, has $250 billion under management. Fund of funds assets increased 10 per cent in 2005 to $395 billion, according to Chicago-based Hedge Fund Research.