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Wrap Programs

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NEW YORK (–CIBC World Markets amended the filing for its Advantage Advisers Multi-Sector Fund I to allow wrap program investors to invest without a sales charge.

At CIBC’s discretion, wrap fee program investors may have the sales charge waved, which normally is 5% of assets, according to the filing. CIBC ended the initial fund-raising for the fund earlier this year with US$90 million in assets. (Previous HedgeWorld Story) CIBC officials were unavailable for comment.

The fund is publicly registered, making it easier to market, but subjecting the fund to additional regulatory scrutiny. The subadvisers to the fund are Alkeon Capital Management LLC, KBW Asset Management Inc. and Kilkenny Capital Management LLC. The fund has a US$25,000 minimum.