Clarksons, one of the world's leading shipping services providers, has announced its intention to launch a new hedge fund based entirely on the trading of shipping securities and derivatives, the Financial Times reports.
The pioneering new hedge fund, which aims to launch early in 2006, is targeting returns of 15% to 20% by trading in freight derivatives in the dry bulk tanker markets, and in shipping equities.
"There have been hedge funds that have invested in shipping, but it has always been as part of some other assets," noted Pierre Aury, managing director at Clarksons Capital.
"We aim to be the first to launch a shipping-only hedge fund," he added.
Clarksons is hoping to raise between $200 million and $300 million for the fund, and the firm is providing $20 million for seed capital. The fund will charge the industry standard 2% management fee and 20% of profits.
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