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Progressive Launches New Alternative Fund

by Carla Johnson, Investors Offshore, London

03 July 2002

Progressive Alternative Investments, a subsidiary of Progressive Asset Management (no relation to the eponymous US eco-nut asset manager) is to launch a retail fund of hedge funds. Managers say the Progressive European Alternative Portfolio investment trust will be GBP30m to GBP100m in size. It will be a Guernsey closed-ended fund, listed in London with investment focus on Europe and is expected to be Isa-able.

The fund, to be managed by Richard Hills and Kathryn Graham, will have a minimum of 75% in funds investing primarily in European equities and equity-linked instruments. Controls on portfolio risk include a maximum of 15% with one fund, a mix of styles and a portfolio of 15 to 20 managers. The minimum investment will be GBP5000.

Says the company: ' Our corporate objective is simple. We wish to provide our clients with an acceptable return over cash for an acceptable level of risk. To achieve this we employ sophisticated analytical techniques to search for and evaluate alternative investment funds. These funds concentrate on generating positive returns while actively controlling the risk of losing clients' money. When a number of such funds are combined into a portfolio, steady gains can be generated, even during difficult market conditions.'

Progressive Asset Management Limited (PAML) was formed in 1996 and is the holding company of an independent fund management group. PAML Group currently has five fund management subsidiaries. The group manages four investment trusts - Advance UK Trust plc, Advance Developing Markets Trust plc, Progressive Geared Income Trust plc and Advance Value Realisation Company Limited. In addition, the group acquired the business of Argyll Investment Management Limited on 31 August 2001. This business is now operated by Progressive Alternative Investments Limited. At the end of February 2002 PAML Group had total assets of about £350 million under management.

Richard Hills formed Argyll Investment Management Limited in 1994 as an independent investment company regulated by IMRO in the United Kingdom. It developed an international reputation for structuring and managing alternative investment portfolios for a diverse and sophisticated client base. Progressive Alternative Investments Limited acquired the business of Argyll investment management in August 2001.

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