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| INVESTORS OFFSHORE -
NEWS |
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ABN AMRO To Launch Slew Of New Hedge Funds,
by Carla Johnson, Investors Offshore.com 18 April 2005
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.
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