The seemingly unstoppable march of the hedge fund across the world's financial markets continues this morning with the launch by Dresdner Bank of its A1 Global Hedge Certificate, which is available in denominations starting at Euros10,000.
Following the model first created several months ago by Deutsche Bank, the offer bypasses regulatory restrictions on the marketing of hedge funds by offering shares in authorised investment funds which themselves hold the actual investments in hedge funds.
Dresdner Bank hopes that the Certificates will return between 12% and 18%, even if markets continue to be negative. The bank believes that alternative products such as hedge funds are more in demand right now just because regular stock markets haven't performed well.
The certificates have a 5-year maturity, but they can be traded on the Deutsche Borse after an initial 6-month period. The portfolio, which Dresdner Bank hopes will exceed $1bn, will be managed by Indocam Asset Management, a unit of France's Credit Agricole. Indocam has managed hedge funds since 1992 and currently has some Euros770 million invested in such assets.
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