LONDON (HedgeWorld.com)–IFX Group plc formed a strategic alliance with Tamisco & Co. LLC to provide hedge funds to its clientele in a new entity, IFX Managed Investment Products.
Tamisco is a leveraged, speculative trading company that is active in the derivatives markets. The New York-based company provides three investment programs: global diversified, interbank currency and currency overlay. Within the new alliance, IFX will channel all its future business through IFX, with revenues being divided between IFX and Tamisco, depending on which party introduces a client or manages an investment mandate.
Tamisco plans to benefit from a distribution network, trading platforms and technologies developed and offered by IFX, while IFX officials get an immediate entry into alternative investments. Tamisco’s existing clients in New York will be able to stay with the firm, along with Robert Tamisco, who will remain in his role as chairman.
IFX is creating a new division in London, IFX Managed Investment Products, that is being built by Christopher L. Cruden, managing director of Tamisco, who has been with the firm since 1994.
Mr. Cruden’s group will structure and manage a range of mainly offshore alternative investment products for institutional clients. That will include white label funds for clients in the United Kingdom and elsewhere for distribution among those institutions’ retail customers. IFX Managed Investment Products also will place assets with external trading managers and offer management advice to external institutions on structured funds.
“The European hedge fund market is expected to double in the two years to December 2003,” Graham Wellesley, chief executive of IFX, said in a statement. “The current market volatility means investors will seek absolute returns that are not dependent on equity markets rising in value.”