TORONTO (HedgeWorld.com)–Abria Financial Group, the Canadian investment management concern headed by Henry Kneis, announced that due to extraordinary demand, it and issuer BNP Paribas (Canada) have decided to increase the maximum issue size of the Abria Alternative Strategies Notes, series 2, to C$50 million (US$37.21 million).
This series is a principal-protected investment that offers investors returns linked to the performance of the Abria Alternatives Strategy Fund, a multi-manager, multi-strategy hedge fund with a return objective of U.S. T-bills plus 5-7% net of fees, with a risk level less than or equal to that of mid-term bonds.
“With almost two weeks remaining, we have already exceeded the original maximum issue size” of C$30 million (US$22.33 million), Mr. Kneis said in a statement April 14. “By increasing the size of the offering we are able to … continue to accept orders from investors until the scheduled closing on April 23.”
Abria takes its name from the French word abri, or “shelter,” and Abria representatives are members of a working group that has compiled guidelines for sound hedge fund practices for the Canadian chapter of the Alternative Investment Management Association (see Previous HedgeWorld Story).