Rhicon Currency Management with over USD100 million under management, has launched its second foreign exchange fund and it will use over-the-counter derivatives. "This is for U.S. investors that can't invest in our offshore fund," said Christopher Brandon, managing director in London.
The fund, dubbed the Global Forex Fund, will use technical analysis to trade the fx market and employ OTC options for hedging as well as taking profits, said Brandon. Rhicon trades primarily dollar-crosses especially the euro and yen via the spot market.
"We're targeting USD40-50 million within a year," said Brandon, detailing the target amount for the new fund. The currency manager will look to close its onshore and offshore funds at USD250 million. Rhicon, which launched its debut fund last year (DW, 12/8), uses Deutsche Bank as its prime broker. Anastasia Chye, spokeswoman at Deutsche Bank, did not return calls.
