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MAM scraps Midas core holding hunt

MAM Funds has abandoned its search for a multi-strategy hedge fund to act as a core holding for the hedge fund allocation of its Midas balanced growth fund.

Fund managers Simon Callow and Mark Wright had intended to take a core and satellite approach to hedge funds but they have not found a liquid, multi-strategy hedge fund manager they are comfortable with. Instead, they will blend what they see as the most complementary, uncorrelated single hedge fund strategies that are able to deliver strong risk-adjusted returns. These strategies are merger arbitrage, managed futures or CTA, global macro and risk arbitrage.

The MAM team is not looking at long/short equity strategies as it believes these funds deliver market returns so would not add anything to the Midas balanced growth fund.

Since the recent addition of Aquila Capital’s risk parity 12 fund, Midas balanced growth now has allocations to three of its chosen strategies. The AC risk parity fund invests equally in four financial assets – equities, commodity futures, short-term interest rates and government bonds – to control risk by ensuring parity between them.

Finding a suitable global macro fund will be the final piece in MAM’s hedge fund strategy unless the team finds another strategy it feels is worthy of inclusion. It is currently looking at its options in the global macro universe and intends to add a holding in this area soon.


Early access to pay for deposit on first home

The Government should consider allowing people early access to their pension savings to fund deposits for their first home, according to the work and pensions select committee. The committee’s report into auto-enrolment, published last week, says evidence from New Zealand’s KiwiSaver scheme suggests the idea could make pensions more attractive and lead to lower opt-out […]

‘Lack of state pension clarity will hit advice’

IFAs’ ability to give sound advice on auto-enrolment will be undermined if the Government does not clarify the future of the state pension, says the work and pensions select committee. In July, the Government set out plans for a flat-rate pension but it has not yet published detailed proposals. In January, Labour suggested the Treasury […]


Standard auto-enrol tool to simplify compliance

Standard Life says its automatic enrolment offering will include an integrated tool which will simplify the compliance process for employers. Last week, Standard confirmed details of its auto-enrolment offering after posting a 6 per cent fall in operating profit last year to £220m from £234m in 2010. Speaking to Money Marketing, Standard Life UK chief […]


Estate agents are warning borrowers off HSBC, says Law Society

Estate agents have started to advise mortgage borrowers against using HSBC because of its recent decision to cut its conveyancing panel to just 42 firms, says The Law Society. The lender made the decision in January and although customers are free to choose their own solicitor, HSBC will still use a panel firm for its […]


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