Fund Management

Cazenove Gives Wider Access to its Hedge Funds

Stephen Harris, 27 June 2006

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Cazenove Capital Management is launching a closed-ended fund, Cazenove Capital Absolute Trust, to give investors access to its five hedge fu...

Cazenove Capital Management is launching a closed-ended fund, Cazenove Capital Absolute Trust, to give investors access to its five hedge funds, four of which currently closed to new investors.

The entry level for investment in one of Cazenove’s hedge funds is £100,000, ($182,000) but the minimum for the new product is to be set at only £1,000.

The new fund will be domiciled in Guernsey and listed on AIM. It will target an absolute return of 10 per cent a year net of fees, will be eligible for Pep, Isa and Sipp investments. There will be no management fee at fund level, but the annual management charge on the underlying products will average 1.4 per cent, along with a performance fee of 20 per cent.

The initial 20 per cent weighting to each hedge fund will be subject to a monthly rebalancing.

Cazenove Capital Absolute Trust's expected volatility is less than half that of the respective equity markets.

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