Investec has launched a multi-manager fund of hedge funds with a target annual return of 5%-8% above the US Libor rate.
The Investec Absolute Return Fund Series II will be run by specialist Paris-based hedge fund of funds manager, Olympia Capital Management.
It follows on from the launch in August 2001 of Series I, a $180m feeder fund for Olympia's Star Series fund of hedge funds.
Star has generated annualised returns of 12.5% after charges from February 1991 to the end of 2002 and since launch
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