Isa investors will be able to access some of the UK's leading hedge fund managers for the first time with the launch of a new Henderson Global Investors fund of funds.
The Henderson absolute return portfolio will feature top-name managers such as as ex-Barings European manager Crispin Odey, ex-Jupiter director and UK special situations manager Alan Miller, Gartmore European manager Roger Guy and HSBC UK manager Tim Russell.
Direct investment into hedge funds requires a typi-cal minimum investment of$1m but the new fund will be open to most Isa investors by offering a £7,000 minimum.
The fund will be managed by Henderson's multi-manager team led by John Husselbee. It will aim to achieve an absolute return of at least 5 per cent a year. It will invest only in long/short equity funds and will hold a portfolio of around 20 funds. It will be an investment trust listed on the London Stock Exchange but registered in Guernsey.
The aim is to raise up to £200m during the offer period, from March 15 to April 10.
Initial charge is 4.5 per cent, annual 1 per cent and a performance fee. Commission is 3 per cent initial with 0.5 per cent trail for Isa sales.
Husselbee says: “There is a growing level of interest in alternative equity strategies because of their ability to produce absolute returns.
“There is a significant demand for equity funds that offer the potential for positive returns whether markets are falling or rising.”