FRANKFURT, Germany (HedgeWorld.com)–Three companies–COMINVEST Asset Management gmbh, a unit of Commerzbank AG, PlusFunds Inc., New York, and Harcourt AG, Zurich, Switzerland–are planning to launch a new fund of funds program before the end of the year.
The fund, aimed at German investors, will use an active management approach drawing from the 69 managers on a hedge fund platform run by PlusFunds, according to a statement from COMINVEST. The PlusFunds platform is growing quickly on the back of assets tied to the Standard & Poor’s Hedge Fund Index (see Previous HedgeWorld Story).
In addition, PlusFunds recently hired Ibbotson Associates to create asset allocation models using the S&P indexes (see ).
COMINVEST executives believe that the new fund of funds will provide investors access to high-quality funds while meeting Germany’s requirements for transparency and risk oversight, according to the statement. Germany is developing a hedge fund industry after gaining regulatory approval for a domestic hedge fund market earlier this year (see ).