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PRINT THIS PAGE Ermitage launches new fund of hedge funds07/07/2008. Source: AltAssets.
European alternative asset management firm Ermitage Group has launched a new niche fund of hedge funds, the Ermitage Directional Fund, with an initial investment of $45m. The new fund will focus on achieving consistent absolute, risk-adjusted returns with a diversification across asset classes, markets, trading styles and holding periods.
'Commodity prices are currently trending strongly higher whilst equity, bond and currency markets are being driven by credit concerns and recession/inflation fears. The opportunity set that these factors afford is expected to offer excellent alpha potential over the medium term,' the firm said in a statement. 'The emphasis is towards the non-trend-following managers who predominantly trade on a very short-term time horizon and on an intra-day basis, and who are well positioned to benefit from the general increase in volatility and trend volatility.'
Ian Cadby, group CEO, Ermitage, added, 'Ermitage's Directional Fund has been built to offer investors attractive risk-adjusted returns together with low correlation to global equity markets. This is the latest in a concentrated fund of hedge fund development programme by Ermitage which includes a Clean Resources Fund, Opportunities Fund (multi-strategy) and Fixed Income Fund, all created to capitalise on specific market opportunities presented to hedge funds.'
Ermitage Group provides investment services to institutions, pension funds and private clients. The Group launched its first fund of hedge funds in 1997. It currently manages some $2.8bn.
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