NEW YORK (HedgeWorld.com)–Optima Fund Management unveiled a multi-strategy offshore hedge fund of funds, the Optima Absolute Return Fund Ltd.

The fund was launched with US$10 million in seed money and has selected 13 managers, according to Optima, which is 15% owned by Mellon Financial Corp., Boston, Previous HedgeWorld Story. Strategies in the new fund include global macro, relative value, hedged equity and convertible arbitrage.

With its Bermuda domicile, the fund is targeted to both non-U.S. investors and U.S. tax-exempt investors, according to Optima. The administrator is Meridian Corporate Services, Hamilton, Bermuda.

Optima manages US$1.6 billion in hedge funds of funds and single manager hedge funds.

PBarr@HedgeWorld.com