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3A expects hedge fund managers to travel lite

Fund of hedge funds manager 3A believes the introduction of hedge funds lite will force hedge fund managers who can operate in a more regulated environment to do so.

3A chief investment officer Jean Keller says there is big debate about how quickly hedge fund managers are going to provide funds within the Ucits III structure.

He says 3A was one of the first to launch a Ucits III hedge fund and believes the structure offers a better option to investors than managed accounts.

Managed accounts are segregated mandates run by underlying hedge fund managers for a fund of hedge funds manager. They provide a higher level of transparency relative to a conventional hedge fund structure because the assets are owned by the fund of hedge funds, not the underlying hedge fund.

Keller says that to a degree, Ucits III funds provide a better separation of functions between parties such as the manager and custodian.

He says: “New developments such as Ucits III must not stop, but they must not prevent investors from doing their homework. To some extent, there are risks, but the advantage is that investors are going to be broadly diversified.”

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