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GAIM fund hedges in transparency

Global Investment Advisers has established the GAIM market neutral fund, a tracker fund of hedge funds that invests in the top 15 to 20 hedge funds listed on the equity market neutral and convertible arbitrage sub-indices of the CSFB-Tremont Hedge Fund Index.

This fund is designed to meet demand from high-net-worth clients who are unhappy with long-only equity funds, which have suffered during a lean period on the stockmarket.

Market neutral strategies are where fund managers do not take directional bets on the market, but take sideways bets. They may go long on some stocks within a sector, while going short on others in that sector. Convertible arbitrage strategies work in a similar way, but take different positions on assets within the same company.

Unlike some hedge funds, this fund will provide investors with information on all the hedge funds it holds on a monthly basis. It may be of interest to wealthy clients who want the ability to make money in a way that is not dependant on a stockmarket recovery.

As a fund of hedge funds, it has the advantage of diversity and is lower risk than single hedge funds. However, this diversity does not extend to the strategies used. The CSFB Tremont Hedge Fund Index for July 2002 shows that equity market neutral strategies are performing better than others such as event-driven strategies. But if market conditions change, a fund that relies solely on these strategies could suffer.


My Money Adviser to offer IFAs supermart valuations

My Money Adviser is teaming up with fund supermarket Cofunds to offer IFAs and their clients a single-page valuation service which is own-branded for the adviser. MMA parent Quay Software Solutions is launching the service with its new client care suite software which aggregates data from Cofunds, giving clients online access to up-to-the-minute valuations of […]

Clementi appointed as new Pru chairman

Prudential has confirmed that the deputy governor of the Bank of England David Clementi will become its new chairman. The appointment was widely anticipated and follows the standing down of previous chairman Sir Roger Hurn following his previous leadership of troubled telecoms company Marconi. Because of his position at the Bank of England, there is […]

Indian government bails out unit trust

The Unit Trust of India is set for a £2bn rescue package from the Indian Government after years of poor performance. The investment vehicle has 29m investors and was set up in 1964 by Act of Parliament and has a current direct salesforce of 64,000. It is the biggest investor in Indian equities.

Squeeze is being put on the mortgage brokers

Broker Talkback (Money Marketing, August 22) asked 10 IFAs who specialise in investments and dabble in mortgages: “Should independent mortgage brokers face the same regulatory requirements as IFAs?” This got a 100 per cent “yes” response. My answer to your question is an emphatic “no”. I am an independent mortgage broker representing the client, not […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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