New York (HedgeWorld.com)–The investment management division of Bank of America launched its first registered hedge fund of funds on April 1.
BACAP Alternative Multi-Strategy Fund promises to achieve long-term capital appreciation with low volatility under a wide range of market conditions by investing in hedge funds across strategies. This closed-end investment company was registered late last year. The Banc of America Capital Management alternative investments group is the manager Previous HedgeWorld Story.
“Alternative investment products are increasingly filling an important role in an investor’s asset allocation,” said Larry Morgenthal, managing director of alternative investments at BACAP, in a statement.