TORONTO (HedgeWorld.com)–Arrow Hedge Partners Inc. opened its latest hedge fund of funds for registered savings plans in Canada.
The Arrow RSP Multi-Strategy Fund is a “clone” of the original Arrow Multi-Strategy Fund and qualifies as 100% Canadian content for all Registered Savings Plans including RRSPs and RRIFs, according to Arrow Hedge officials.
The fund allocates to 14 hedge fund managers in a number of strategies including: long/short equity, high-yield hedge, risk arbitrage, convertible arbitrage, volatility arbitrage and global macro. The new fund’s objective is to achieve absolute return over T-bills with bond-like volatility and low correlation to market indexes.
The multi-strategy fund is the second Arrow Hedge fund that qualifies for registered plans. The Arrow Global RSP Long/Short Fund was structured to be 100% eligible for RSPs, which are the Canadian equivalent of Individual Retirement Accounts in the United States. The rules in such plans state that a fund may not have more than 30% of its holdings in foreign securities.