GERMANY - Schoeller Capital Management (SCM) , the total return products arm of Germany’s HypoVereinsbank Group is launching launching an institutional fund of hedge funds together with its parent group.

The product, HVB Value Protection III Notes 2001-2011 is the successor to the firm’s Value Protection I Notes fund issued last year.

SCM targets pension funds, insurance companies, banks, multinationals and private investors with its products.

The firm had a managed volume of around e2 billion at June 30, 2001, making it one of the leading suppliers of total return products in Europe.