Two Companies, City Financial and Clontarf Capital, have join hands to come up with fund of hedge funds (FoHF), which will be mainly for Asian executives.
The City Financial Asian Absolute Growth Fund says that it will invest money in as many as 10 to 12 executives, especially from the upcoming economies like India and China.
The fund will launch $55 million in assets under management (AUM).
Clontarf Capital's Aofinn Devitt will take care of the Asian Absolute Growth Fund. He said that the money would be utilised in pension funds, donations, family offices, and institutional investors worldwide.
He also said that only those managers will be funded, who will be keen to apply complete transparency on their positions.
Devitt also said that the fund would be useful for those who want to expand the FoHF portfolio. The portfolios are mainly based in Asia. Only 35 were chosen out of 100 investable funds.
Robert Hain, who is partner at City Financial, said that the Company has made a good decision to launch FoHF at the right time. He also added that the Company is expending the distribution at the correct time.
He also said, "If you are diversifying you have to have a product and if you do that you have to have the distribution".