Morley Fund Management, one of the UK's largest fund managers, has signed an agreement with Benchmark Plus, a US based manager, to launch a fund of hedge funds. The first sub-fund, Alpha Optimum, was launched on 1 July and is being marketed and distributed through Morley's continental European retail business, Aviva Funds.
Morley Fund Management, one of the UK's largest fund managers, has signed an agreement with Benchmark Plus, a US based manager, to launch a fund of hedge funds. The first sub-fund, Alpha Optimum, was launched on 1 July and is being marketed and distributed through Morley's continental European retail business, Aviva Funds.
Following an extensive search, Morley selected a leading US boutique, Benchmark Plus, a specialist in fund of hedge fund management, to manage Alpha Optimum. Benchmark Plus has also signed an exclusive arrangement for Morley to distribute its management skill in Europe.
Benchmark Plus has achieved annualised returns of 16.59% for its flagship Market Neutral Fund launched in January 1998. This fund has also delivered positive monthly returns over 90% of the time since inception.
Commenting on the launch of the Fund of Hedge Funds Neil Smith, Director of Aviva Alternative Funds, said: "We are confident that Alpha Optimum will produce consistent high returns for investors. We have taken the time to choose the right partner, Benchmark Plus, to work with us. It is essential for our clients Morley and that we have access to a top player in the industry with a proven ability to deliver. By investing via a fund of funds, clients can gain access to the best ideas in the market."
The first sub fund, Alpha Optimum, was launched on 1 July and invests in 20 to 25 underlying hedge funds, 90-95% of these being selected from US based managers. The fund is domiciled in Luxembourg and minimum investments are EUR25 000 for private investors and EUR1 000 000 for institutional investors.
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For further information please contact:
Fiona Baker, Head of Corporate Communications
020 7809 8617
Morley Fund Management
Notes to editors
Alpha Optimum has the following features:
- Investment in 20-25 underlying hedge funds
- Domiciled in Luxembourg
- Minimum investment: EUR25 000 (private investors), EUR1 000 000 (institutional investors)
- Charges: 1.25% AMC + 15% incentive fee (private and institutional investors)
Additional 0-1% trail (for private investors only) - Fund denominated in Euros, no Euro holdings are hedged into Euros by Morley
Morley Fund Management
- Morley Fund Management ('Morley') is an independently managed, London based, asset management business with over Ł104 billion under management (as at 31.03.03). It actively manages a diverse range of asset classes and has investment management operations in London and Singapore and an associate office in Boston*.
- Morley is a wholly owned subsidiary of the Aviva Group and manages both institutional and retail funds under the Morley brand. It also acts as investment manager for a range of retail investment funds, marketed in the UK by Norwich Union, and international funds marketed under the Privilege Portfolio brand (to change to Aviva Funds on 1st July 2003).
Awards
Fund Manager of the Year - Pensions Week Awards 2002
Specialist Manager of the Year - UK Pensions Awards 2002
Insurance Fund Manager of the Year (awarded to Norwich Union) - Standard and Poor's 2002
Sustainable and Ethical Investment and Asset Management Award - Liveable City Awards 2002
Pensions Management Provider Awards 2002 - Commended for Best SRI Fund Manager and Best Fixed Income Fund Manager
- *Norwich Union Investment Management, an Aviva Group company
- Further information about Morley Fund Management can be found at www.morleyfm.com
- Issued by Morley Fund Management Limited
- Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No 1151805. A member of the Norwich Union Marketing Group, members of which are authorised and regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Registered Office: No 1 Poultry, London EC2R 8EJ. A member of the Investment Management Association.
Morley Fund Management is also a business name of Morley Investment Services Limited and Morley Fund Management International Limited. All are Aviva companies.
Contact us at Morley Fund Management, No 1 Poultry, London EC2R 8EJ.