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Fortune switches wizards funds to Mom structure

Fortune Asset Management has moved its market wizards fund of hedge funds to a manager of managers structure.

The fund now invests solely in managed accounts through Chicago-based platform HFR Asset Management. It was chosen because Fortune Asset Management believes it is the most secure managed account platform through which to hold clients’ assets.

Fortune says it is not limited to the managers already on the HFR platform. It can select any manager and direct them onto the platform.

Fortune says transparency is still difficult to come by in the hedge fund world but managed accounts solve this problem as the multi-manager has greater control over the assets. It says the multi-manager does not need to see every single holding on a daily basis but monitoring the market exposures can alert multi-managers to any style drift or other problems in underlying portfolios.

Liquidity can also be a problem for funds of hedge funds since some underlying funds operate a tie-in and allow redemptions to take place bit by bit. Fortune says even if a fund of funds manager spots a problem in an underlying fund, it can often be too late to react due to the redemption terms. This does not happen when using managed accounts because the investor, not the manager, holds the account.

Investment director Jack Schwager says: “Partial transparency does does do anything. It is useless without monitoring. Some people say portfolios are so big, how can you look at the positions of every manager every day? I would be surprised if a handful of hedge fund managers do that. All I need to know is the market exposures, not the specific positions.”


‘60% Of sellers requesting home condition reports’

Feedback from the early rollout of home information packs indicates that they are being welcomed by many consumers, says the Association of Home Information Pack Providers.Hips were introduced in six locations across the UK in November ahead of their nationwide launch in June.Ahipp claims that most sellers are requesting the voluntary home condition report, which […]

Lifesearch adds TCF category to awards

Royal Liver, Legal & General and Friends Provident have are on to the short list for a new treating customers fairly category which Lifesearch has introduced to its annual protection awards.The TCF award is based on providers’ overall fairness and honesty. It judges providers on factors including the publication of claims’ data, using clear and […]

Barnes takes up CEO title at BestInvest

BestInvest has announced the appointment of a new CEO today with founder and controlling shareholder Nigel Spiers passing over his responsibilities to newly recruited Andrew Barnes.

A&L increases rate for offshore savers

Alliance & Leicester International has increased the interest rate on its offshore base rate tracker and its offshore pension reserve following the Bank of England’s decision to increase the base rate.The offshore savings bank has increased the rates on its savings accounts in line with the quarter point base rate rise last week with immediate […]

Tech winners keep on winning

By Ali Unwin, chief technology officer & fund manager, Neptune Artificial intelligence, driverless cars, big data. As technological advancements – and disruption – increasingly dominate headlines, Ali Unwin sets out six key themes he is watching in 2017. Read more Important Information Investment risks Neptune funds may have a high historic volatility rating and past performance […]


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