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April 02, 2002 at 07:00 PM
CHARLOTTE, N.C. (HedgeWorld.com)–On July 1, Bank of America Corp. will launch a registered long/short equity hedge fund.
The BACAP Technology Fund LLC will be subadvised by Alkeon Capital Management, which is the same firm that handles the technology portion of a CIBC World Markets registered hedge fund launched earlier this year. (Previous HedgeWorld Story)
Alkeon’s strategy will be to invest 80% of the fund portfolio in long and short positions in U.S. and non-U.S. companies engaged in developing, producing or delivering technology-related products or services and companies that may benefit from or be disadvantaged by technology-related products and services, according to the filing with the Securities and Exchange Commission.
Companies that derive significant revenues from businesses Alkeon believes will be affected by technological events and advances will also be part of the strategy. Some of those events may include: deregulation of global markets and the need for upgrading existing network infrastructure; increased corporate spending on information technology; and pharmaceutical advances resulting from biotechnological innovations.
Alkeon’s Panayotis “Takis” Sparaggis will manage the fund relying on investment research and fundamental analysis of company financial data to find investment opportunities. Before founding Alkeon, Mr. Sparaggis was associated with CIBC World Market Corp. as a managing director for Oppenheimer Investment Advisers, according to the fund filing.
