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25 Jan 2008

Six Asian FOHF Launches

3A SA, the hedge fund management division of Swiss banking group SYZ & CO, has launched six new sub-funds of its $1.3bn Luxembourg-domiciled umbrella fund SICAV, offering Asian and opportunistic fund of hedge fund strategies in US dollar, euro and Swiss franc versions.

The step is envisaged as a complement to an existing portfolio of hedge funds. The new funds are part of Alternative Capital Enhancement, an open-ended investment company (Sicav) structure that currently comprises 20 sub-funds representing various hedge fund strategies including multistrategy, arbitrage, long/short, macro and natural resources.

The surge in investment opportunities has prompted vigorous growth in the alternative investment industry in Asia, where some 1,200 hedge funds manage about $150bn in assets.

The ACE Opportunity Fund is currently invested in 17 hedge funds representing various distinct strategies: US economic slowdown (macro), rising default rate (credit), Russia/technology/gold (long/short equity), increased volatility in Asia (long volatility) and opportunistic managers.

Both new strategies are available in US dollar-, euro- and Swiss franc-denominated versions and in three share classes. Class A and B shares for private investors and discretionary asset managers require a minimum subscription of 1,000 and 10,000 dollars, euros or francs respectively, and carry a 1.5 per cent annual management fee, while Class C for institutional investors has a 5 million dollar, euro or franc minimum and a 1 per cent management fee. The performance fee for all three share classes is 7.5 per cent; all six sub-funds are open for subscription and redemption on a monthly basis.

The alternative management division of Syz & Co, 3A had total assets of more than $4bn at the end of last year.

Syz & Co specialises in asset management through three interconnected area of activity, high-level private banking offered by Banque Syz & Co, the Oyster range of investment funds and 3A as the group's alternative investment unit. The group manages CHF31bn in assets and employs 320 staff at its Geneva headquarters and offices in Zurich, Lugano, Locarno, London, Luxembourg, Nassau, Salzburg, Milan, Rome and Hong Kong.

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