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January 15, 2004 at 07:00 PM
TORONTO (HedgeWorld.com)–Arrow Hedge Partners Inc. launched the Arrow Multi-Strategy Notes, Series 3, after raising C$40 million (US$31 million) in the first two series of notes last year.
The latest series will be open to investors from Jan. 12 through March 19 and, like its predecessors, will offer a guaranteed principal repayment at maturity plus any appreciation in the value of the fund. The notes themselves are issued by BNP Paribas (Canada) and guaranteed by BNP Paribas SA. Arrow Hedge manages the underlying fund assets.
“We’ve had a lot of demand for our third series of notes. There is a pretty good chance we can raise as much as we did in the first and second series,” said Mark Purdy, managing director at Arrow Hedge Partners.
The low investment minimum of C$5,000 is attracting many investors, as is the idea that they can use the vehicle for their retirement accounts. The first two series of notes have had positive performance since their respective June and October launches.
The notes’ performance is linked to the Arrow Multi-Strategy Hedge Fund, which has an annual absolute return objective of 7% to 9% net of fees. The fund invests in 20 to 25 hedge fund managers across nine investment strategies.
