LAUSANNE, Switzerland (HedgeWorld.com)–Banque Cantonale Vaudoise plans to launch its first hedge funds of funds for private bank clients in early 2003 with the help of its Miami-based PRS Group.
The fourth largest bank in Switzerland, BCV owns a shareholder stake in PRS, which is an alternative investment management firm specializing in hedge funds of funds and structured notes. The U.S. firm will be working closely with Jose Galeano, who is charge of the bank’s alternative investment effort in Switzerland.
“The idea is to create synergies in terms of research,” Mr. Galeano said. The two offerings will be structured under an umbrella fund, the BCV Alternative Fund, and listed on the Swiss Stock Exchange. Officials at BCV are now in the process of registering the funds with the Swiss authorities in order to offer the funds publicly. The distribution of the fund will be done by another BCV entity, Gerifonds.