PRINCETON, N.J. (HedgeWorld.com)–Seeing stronger demand for forex-focused strategies from investors, Beacon Management Corp. has broken off its currencies portfolio from its diversified futures program called Meka to create a standalone vehicle.
The Beacon Currency program began trading customer accounts on Sept.3, anchored by a US$2 million investment from a single investor.
The program, which is being run as a series of managed accounts, is the direct descendant of a currency strategy the firm has been trading since the early 1980s. But in 1994 the strategy was absorbed in the firm’s Meka and Meka-MV diversified programs, which currently have US$161.7 million in assets.
Fees for managed accounts in the currency program are contingent on how much cash an investor allocates to the strategy. The stated minimum for starting an account is US$2 million. The program aims for mid-level returns with annual volatility of 10%.