SEI Plans Two Public, SEC-Registered Hedge Funds

OAKS, Pa., (HedgeWorld.com)–SEI Investments Management Corp. began the process for selling at least two registered hedge funds of funds by registering with the Securities and Exchange Commission.

SEI registered two feeder funds planned to be sold publicly, SEI Absolute Return Fund LLC and the SEI Opportunity Fund LLC, as well as matching master funds for those strategies. Pacific Alternative Asset Management Co. LLC, Irvine, Calif., was selected as sub-adviser for both of the funds.

The strategies and goals of the two funds are not discreetly explained in the filings. Both will use a multi-strategy approach, including convertible arbitrage, credit hedging, distressed securities investing, equity market neutral, equity long/short, merger arbitrage, short-biased and sovereign debt and mortgage hedging, according to the filing.

The Absolute Return apparently will be more conservative, with the aim of beating the returns of money market instruments without taking on broad market exposure to the bond and stock markets, according to its filing. The Opportunity fund, though, will seek to achieve attractive risk-adjusted returns with moderate volatility and moderate directional market exposure over a full market cycle, its filing states.