Dutch Manager Eyes First Guaranteed Hedge Fund

  • 28 Jan 2002
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FundPartners is considering structuring the first guaranteed hedge fund in the Netherlands, which would likely use over-the-counter options for the underlying and the guarantee. Jurcell Virginia, head of alternative products in Laren, said the company is looking to launch the fund, which will aggregate a basket of low-volatility convertible arbitrage funds, to tap into the Dutch market's growing appetite for alternative investments. He declined to estimate how large the fund will be or discuss further details, given "at the moment we have no formal commitment to this, it's in the work-in-progress stage."

Menno Wiersma, head of structured products in Laren, would be responsible for structuring the guarantee. "Structuring the guarantee with some kind of call option is the easiest way to do it, but it is also very expensive and will consume some of the returns, so we are looking at some more complex options," he said. Wiersma declined to comment further about what kind of options would be used, except to say the guarantee will be as simple as possible since Dutch investors are wary of complex structures and the retail set is new to investing in OTC derivatives. The product will be aimed at high-net-worth investors.

  • 28 Jan 2002

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1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
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Subtotal 172.30 3 100.00%

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