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Henderson goes Dutch to cut costs of hedge exposure

Henderson’s multi-manager team are holding a multi-strategy hedge fund that is structured as an investment trust because the fees are lower than a fund of hedge funds.

The Boussard & Gavaudan investment trust is held in Henderson’s independent growth and income portfolio and is listed on Amsterdam’s Euronext exchange.

It is run by the Anglo-French hedge fund manager founded in 2002 by former Goldman Sachs bankers Emmanuel Boussard and Emmanuel Gavaudan. It aims for long-term growth by investing in the Sark fund, a feeder fund of the Sark master fund which is also managed by Boussard & Gavaudan.

The underlying fund is a multi-strategy hedge fund that looks mainly for arbitraging opportunities in European special situations. The trust may also invest in funds other than Sark if suitable opportunities are found.

Henderson co-manager Katy Gladstone says: “We think Boussard & Gavaudan is a high quality fund manager and the fund is slightly different as it is listed on Euronext. It is like holding a fund of hedge funds but we have not got the extra fee burden that we would with a fund of hedge funds.”

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