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F&C opens up citrine fund in hedge bid

F&C Alternative Investment is positioning itself as a provider of hedge funds to multi-managers with the opening of the F&C citrine fund to new business.

F&C citrine, a European long and short equity fund, is the third fund in the company’s range of single strategy hedge funds. It has a target return of 10-12 per cent a year and holds 40-80 long and short positions.

F&C seeded the fund with internal money in May 2004 but waited to build up a track record before opening it to investors, including funds of hedge funds.

Director of alternative investments Alex Ingham Clark says: “Citrine could fit neatly into a fund of hedge funds portfolio. This is a lower-risk fund which is never going to shoot the lights out but with a Sharpe ratio of 3.7 per cent, it provides a good return for the risk. Unusually, we have not laun-ched a plain vanilla hedge fund before. By that I mean long and short equity hedge funds which are usually the starting point.”

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