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Royal & SunAlliance hopes that fund will become a mainstay

Royal & SunAlliance International is joining forces with Thames River Capital to provide a new fund for investors.

The mainstay fund is a multi-manager fund of hedge funds aimed at the sophisticated offshore investor who still wants to invest in the stockmarket.

Royal & SunAlliance International will be dealing with the administration of the fund, while the investment management will be taken care of by Thames River Capital.

Mainstay will invest in a spread of 15 to 20 hedge funds that will go long or go short, either buying in stocks that are low and rising or selling them when they have reached their peak. It will also invest in other areas of the hedge fund market, including the event driven, equity market neutral, convertible arbitrage, derivative arbitrage and distressed securities sectors, along with a small amount of cash. The funds are still being chosen.

The fund will be managed by Justin Newdigate, who was one of the founding members of Thames River Capital when it was launched in 1998. He has also managed the Thames River Capital warrior and sentinel funds since they were introduced in 1998.

Mainstay should appeal to the sophisticated investor who is aware of recent stockmarket volatility but who feels that prices are either at or approaching their low point and who wants to buy now. The fund is similar to the optimum return fund from NIB International. This invests in up to 20 hedge funds. However, it contains just four areas to invest in, long, short, merger arbitrage and market neutral. The Royal & SunAlliance product spreads the risk more by investing in more areas.

Royal & SunAlliance International offers just two funds that are managed by Thames River Capital, only one of which has been going for more than a year. According to Standard & Poor’s this is the Royal & SunAlliance International Thames River European fund, which is ranked 6 out of 82 funds in its sector, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over one year to October 22, 2001.


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