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Portfolio > Mutual Funds > Equity Funds

New LODH Fund Seeks Latin Opportunities

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GENEVA (–Lombard Odier Darier Hentsch Group in June launched a new long/short fund focused on Latin America, and announced Monday that assets have grown to $50 million.

The LODH Multiadvisers?? 1/2 Latin America Equity Long/Short fund is a single-strategy, multi-manager fund of hedge funds, and has placed investments with 13 managers, mostly located in Brazil. The fund offers shares in both U.S. dollars and euros, and registration was completed in Switzerland as of late July.

“The current focus of the fund is approximately 80% long/short equity strategy and another 20% which should be a macro view,” said Daniel J. Penseyres, head of marketing and development for LODH. “The majority of the underlying hedge fund managers are located in Brazil, and consequently the focus of the long/short equity strategy is on the Brazilian market,” but the fund will be looking beyond Brazil, he said.

Frederic Lebel, Oscar Tuti and Maurice Martignier will manage the new fund of funds. Like LODH’s other sub-funds, the Latin America Equity Long/Short vehicle carries an investment management fee of 1.5% per annum, with no performance fee. Subscription is monthly, as is redemption, with a 40-day written notice; the minimum investment is $20,000 or 20,000 euro, and the fund is open-ended.

Messrs. Lebel, Tuti and Martignier also oversee LODH’s other funds, including long/short equity funds of funds focused on Europe, Asia and the United States; two global funds of funds; two multi-strategy funds, one of which has a balanced profile and the other dynamic; a global arbitrage fund; and a global trading fund. The hedge fund team has been working together for more than seven years, according to Mr. Penseyres.

The Latin America Equity Long/Short fund was researched for about six months prior to its launch, Mr. Penseyres said, and LODH’s private banking unit covering Latin America was “instrumental” in helping launch the new product and providing seed capital.

The new fund is domiciled in Luxembourg and CACEIS Bank Luxembourg was retained as the administrator and custodian. PricewaterhouseCoopers is auditor, and LODH’s in-house attorneys will provide legal council.

On April 30 LODH launched the LODH Delta Global Fund, a fund of funds focused on directional hedge funds. Mr. Penseyres said that the firm is developing one or two additional funds of funds, most likely in the multi-strategy sphere.

Altogether, LODH currently manages approximately $119 billion.

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