SINGAPORE (HedgeWorld.com)–ABN AMRO has filed a prospectus with the Singapore Monetary Authority for its first hedge fund in the region.
A fund of funds, the ABN AMRO Alternative Investment Strategies Fund, will invest in the ABN AMRO Multi-Strategy Fund, an Irish-domiciled fund listed on the Irish Stock Exchange. ABN AMRO is offering this to the retail market more than a year after the Singapore Monetary Authority released its guidelines for retail hedge fund offerings.
The minimum investment in the fund is S$100,000 (US$56,600). The manager of the fund, ABN AMRO Asset Management (Singapore) Ltd., may terminate the fund if its value falls below S$5 million or if at least S$10 million isn’t raised.
The underlying fund’s strategies may include: managed futures and options; long/short equity; dedicated short bias; equity market-neutral; convertible arbitrage; fixed-income arbitrage; global macro; short selling; and event driven such as merger arbitrage, distressed securities and high yield. In the fund’s two-year history, it has invested in 34 investment programs and only dropped six of those programs. Expected turnover rate going forward will by 20% to 50% a year.