Swiss hedge fund manager Insch Capital Management is relaunching a long-established hedge funds as a multi-strategy fund of hedge funds.
Armac was set up in 1974 by David Anderson, who became chairman of ED&F Man, and Mike Collins, chairman of Bermuda-based Argonaut.
They will serve on the boards of the new fund and the investment manager.
At its launch, Armac stood for the Atlantic raw mater-ials and commodities fund.It has become Insch Armac but this now stands for absolute return managed aggressive commodities.
The fund has three classes – the managed fund, the aggressive fund and the commodities fund. The managed fund will aim for returns of 10 per cent a year, the aggressive fund will target 15 per cent while the commodities fund will look to return over 15 per cent.
Last year, Insch set up a financial services IT business in Bulgaria with staff who worked previously at Forsyth Partners. The team are working on Insch Vision, a hedge fund database for advisers that will provide data that takes into account qualitative information.
Insch chief executive Christopher Cruden expects Armac to benefit from demand for absolute return funds that are transparent, cost-effective and easy to understand. He says: “We think the timing for Armac is good, as selling long-only funds is a bit of a struggle at the moment and Armac should appeal to IFAs as an alternative.”