Dutch-based investment bank ABN AMRO has revealed that it plans to open a new hedge fund every six months for the next few years in an attempt to diversify its business and retain talent within the group.
According to a report in the Hong Kong Standard, Gary Vaughan Smith, the bank's head of alternative investments, confirmed that the strategy was motivated in part to stem the 'brain drain' of traders to new hedge fund ventures.
"The reason behind the decision to offer hedge funds was to play the skills of teams within the company. It's a way to keep good people," he explained.
"It also diversifies our business and gives us a different client base ... for hedge funds, that's basically fund of hedge funds and family offices," he added.
Some of the strategies the bank is planning to branch into include long-short equities and long-short credit.
Currently, ABN AMRO runs a emerging market debt hedge fund trading $100 million in assets and a foreign currencies fund with $700 million in assets. The bank also has three funds of hedge funds managing $1.3 billion.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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