American Express bank has started a fund of hedge funds aimed at European investors. The fund will invest in long-short funds and aims to outperform the MSCI Global Index by 3-5% pa.
The Cayman-domiciled, Dublin-administered fund currently uses 10 managers, each of which runs a sector or country specific portfolio that uses shorts to reduce risk rather than add performance.
This is the third fund to be launched under the company's Cayman umbrella. The long-short US equity portfolio, launched