TORONTO (HedgeWorld.com)–Tremont Investment Management Inc.* announced that it is expanding its research NEW YORK (HedgeWorld.com)–Quadriga Investment Group informed journalists that the Securities and Exchange Commission has asked the firm to stop referring to its public retail offering as a hedge fund.
More than six weeks have passed since the SEC approved Quadriga Superfund LP’s registration. The fund requires a minimum investment of only US$5,000, the firm announced and it does have net worth requirements that vary by state law–the lowest of which would require an investor to have a net worth of US$150,000 not including a home or auto, and a gross income of US$45,000.
At the time of the launch, Quadriga spokeswoman, Bettina Gordon said that most other hedge fund firms have shied away from offering something similar because of the costly, lengthy and scrutinizing process that firms would need to go through to get approval. For Quadriga, the offering was at least one year in the making.
Unlike its previous offerings in Europe, where the Quadriga funds are considered hedge funds, the term “hedge fund” is legally undefined in the United States. According to Quadriga officials, the Superfund is a managed futures fund, which applies hedge fund trading styles and characteristics.