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March 01, 2008 at 02:00 AM
As existing hedge funds liquidate, there are always new products coming to market.
Morgan Stanley Investment Manage- ment recently announced the launch of Morgan Stanley Global Long/Short Fund, a closed-end fund of funds with a $100, 000 minimum investment. Registered under the Investment Company Act of 1940, it is the second registered fund of funds aimed at eligible individual investors seeking to gain access to the hedge fund market. An initial registration statement was filed last summer.
This fund, along with two other similar vehicles launched two years ago, is overseen by Mustafa Jama, who heads up–and serves as chief investment officer of– Morgan Stanley Alternative Investment Partners’ fund of hedge funds team. Alternative Investment Partners is the bank’s fund of funds unit within the overall $109 billion alternative investment platform. It comprises funds of funds across all alternative asset classes, including hedge funds, private equity, and real estate.
The day-to-day lead portfolio manager is Kevin Kuntz. Three other portfolio managers–Jose Gonzalez-Heres, Mark van der Zwan, and Paresh Bhatt–will work with him.
The Global Long/Short Fund will invest in approximately 20 to 25 managers and is designed to generate long-term capital appreciation, with less volatility than the equity markets.
The initiative is part of a continued effort by Morgan Stanley to tap into the growing mass affluent market and to satisfy the demand of smaller institutions, such as family offices and endowments for smaller investment minimums. It is the third vehicle launched with a $100,000 minimum investment in 18 months.
