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An upturn in Fortune

Fortune Group, the fund of hedge funds subsidiary of Close Brothers, has seen a 64 per cent increase in assets under management over the last 12 months to £700m.

The company provides advisory services and builds customised portfolios for other financial services groups in addition to its multi-manager products.

As at January 31, its assets under advice had risen to around £3bn, prompting two senior appointments.

Frank R Casey joins Fortune USA as president from US firm Benchmark Plus. Fortune says Casey built the fund of hedge funds business at Benchmark Plus almost single-handedly and hopes he will bring the same success at Fortune.

Nadia Bucci has joined as senior associate, investment advisory. She was hired to increase the advisory business in European markets such as Italy.

Chief executive Simon Hopkins says: “Fortune is unique in the sense that we do have funds of hedge funds but the bigger part has been the advisory business. Our funds of hedge funds serve as an audited record of our ability to manage money.”

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