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Tilney combines multi and hedge Fofs with protection

Tilney Investment Management is introducing a structured product which combines a multi-manager fund of funds and a hedge fund of funds with full capital protection.

The Opal tailored notes plan series 2 product has been designed by Opal Alternative Investments – which is part of the Tilney Group – and runs for six years and six months.

The product has a minimum investment of 10,000 or 5,000 through an Isa and it features a choice of two investment options.

The diversified growth option provides 100 per cent of any growth in the Opal Optimum diversified tailored notes fund.

This is a feeder fund which invests 50 per cent in the Opal optimum master hedge fund of funds and 50 per cent in the Opal UK premier manager fund of funds.

The optimum growth option provides 100 per cent growth linked solely to the Opal optimum master fund through the Opal optimum tailored notes feeder fund.

The underlying fund is a multi-strategy fund of hedge funds which has Tremont Capital Manage-ment as its investment adviser.

Initially, the feeder funds will be exposed to 100 per cent of the growth in the funds but this can be varied between 80 and 150 per cent to enhance returns where performance is good or to protect the capital when performance is bad.

Opal Alternative Investments investment director Frances Clayton says: “We have tried to combine the benefits of defined participation and constant proportion portfolio insurance. CPPI runs the risk of deleveraging down to levels of exposure that are too low.

“We decided to build a floor into the product so that it cannot go below 80 per cent of exposure but it can still provide 150 per cent exposure when things go well.”


Julian Gibbs

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