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Apollo puts Faif in Athena

Apollo Multi-Asset Management will unveil an aggressive offshore multi-asset fund in June to prepare for the creation of funds of alternative investment funds in the UK.

AMAM Athena will be based in Guernsey because Apollo wants the flexibility to invest more than the maximum 20 per cent in unregulated funds that is allowed onshore under NURS. The FSA proposes to lift this limit if Faifs are introduced into the existing Nurs regime.

The fund will have a £5,000 minimum investment and will comprise 10 to 15 of the Apollo team’s global best ideas across asset classes. It will invest in aggressive hedge funds that can provide geared performance and geared exchange traded funds with the potential to deliver returns of over 10 per cent.

The name Athena, the Greek goddess of war and wisdom, was felt to reflect the aim to aggressively battle for returns.

Fund manager Tom McGrath says: “We have a hunch that Faifs will come in onshore this year. If we have an offshore fund, we should have more credibility in running a Faif than if we ran an onshore model portfolio.”

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