According to recent press reports, Coutts, the international private banking arm of the Royal Bank of Scotland intends to launch new hedge fund products that will include an Asian fund of funds as the firm responds to growing demand for these ever popular investment products.
At present Coutts has $53.5 billion under management for a global client base numbering around 75,000 individuals, some $4 billion of which is placed in hedge funds.
Also reported recently is the decision by GAM, an asset manager owned by UBS, to launch a multi-strategy fund of funds which is to be named Diversity III. GAM has revealed that its first Diversity fund, which has generated a 13% average return since inception in 1989, will soon be closed after assets reached $5 billion.
The popularity of these alternative investment vehicles shows no signs of abating according to the latest research by Tass. This showed that inflows into hedge funds equalled $13.8 billion in the second quarter, bringing the total amount placed in these investments for the year to $21 billion. This compares to $16.3 billion allocated to hedge funds in 2002.
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