The Schroders multi-man-ager team has added Goldman Sachs dynamic opportunities – the biggest London-listed hedge fund of funds – to all three of its multi-manager portfolios.Dynamic global opportunities is a closed-ended fund of hedge funds which raised 274m during an initial public offering in July. The fund has a relatively concentrated portfolio and is managed by Goldman Sachs’ New York-based hedge fund strategies group, which is responsible for around $15bn in hedge fund money. The Schroders multi-manager team says that because hedge funds make up a tiny part of its fund of fund portfolios, it prefers exposure to funds of hedge funds with concentrated portfolios. The Goldman Sachs fund fits the bill as it invests only in the manager’s favourite names. Schroders head of multi-manager investment Andrew Yeadon says: “We play hedge funds through a basket of holdings. Goldman Sachs has a very good track record in hedge funds and a number of successful hedge fund managers have come out of its trading desks. “Dynamic opportunities is the company’s first closed-ended listed vehicle and the portfolio is diversified, with no makeweights or structural bias. But the reality is there are liquidity constraints so we would never want to invest a large part of the portfolio in hedge funds.” The multi-manager team has also been reducing exposure to commercial property as it believes there are more attractive opportunities in plain vanilla equities.