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16 Oct 2006

RMF Team creates Four Funds of Funds

A new hedge fund run by former RMF-Man Investment analysts is being set up and named after its Swiss latitude, 47 Degrees North Capital Management in Pfaeffikon, Switzerland, the hedge fund also plans on offices in New York.

47 Degrees North Capital is launching four new funds of funds, including one this year. This alternative investment firm will be backed by Jim Kelly, former Moore Capital Management co founder and president of Third Point Capital. The team of partners are Bruno Wicki, Raphael Blunschi and Claude Porret. Kelly plans to invest in the fund wth his own money as well as investments from other hedge fund managers.
When with RMF/Man Investments, this alternative team specialized in researching and developing hedge fund strategies, such as CAT bonds, electricity trading or insurance securities. Wicki, Blunschi and Porret were involved in the launch of the RMF Commodity Fund, which has grown to $2 billion and has yielded a 20% annual rate of return.

47 Degrees North New Generation Fund will offer investors access to emerging managers with a track record of between a few months and two or three years. This fund will target returns of 12% with 5% to 7% volatility.

The 47 Degrees N Seeding Fund will invest in start-up hedge funds, this fund aims for annual returns of 15% over a five-year cycle with volatility of 6% to 8%.

The 47 Degrees N Commodity Fund will use the expertise of the team in selecting commodity managers and invest in hedge funds using both directional and non-directional strategies across commodity markets.

Finally, the 47 Degrees N Innovation Fund will invest in hedge funds trading in innovative markets, such as emissions rights or weather derivatives as well as exotic products, including insurance-linked securities or financing and lending.

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