UK-based asset management firm City Financial has launched City Financial Asian Absolute Growth Fund, its first foray into the Asian Fund of Funds market and its first fund primarily targeted at institutional investors. The portfolio will be managed by Clontarf
Capital, an alternative asset advisory firm.
City Financial is capitalising on the strong maturation of the Asian Hedge fund market in recent years, it said in a release. The fund plans to offer low fees, with performance fee only coming once 10% performance has been delivered, with no catch up. Management fee will be only 80 basis points for the fund.
The City Financial Asian Absolute Growth Fund will offer 10 funds with exposure to growth in China, India and other Asian markets.
“Not long ago, the Asian hedge fund market was considered ‘the wild east,’ but this is simply no longer the case” said Andrew Williams, Chief Executive of City Financial. “We are delighted to be launching the City Financial Asian Absolute Growth Fund to offer select exposure to the considerable on-the-ground fund management talent that the region is beginning to boast.”
“Institutions have for years been investing in the Asian region but most still limit their exposure to long-only holdings. We are extremely proud to be able to offer a product that has evolved to meet their demands, not only featuring meticulous selection standards and
complete transparency, but also an ‘evolved’ fee structure that puts us head and shoulders above our peers,” said Aoifinn Devitt, Portfolio Manager of the fund.