Sovereign plans multi-manager fund

Sovereign Wealth Management is planning to launch its first multi-manager hedge fund in June 2001. The wealth management company based in Memphis and Denver has been managing assets for the past 10 years. The company was managing an index tracker fund that tracked the MAR Trading Advisor Qualified Universe index but this has been abandoned since the acquisition of the MAR indices by Zurich Capital Markets. The new fund will invest initially in five arbitrage funds based in the US. Adam White