UK – London-based alternative management firm, Progressive Alternative Investments Limited (PAIL), is to launch a new closed-end fund of European hedge funds, the Progressive European Alternative Portfolio.
Domiciled in Guernsey, the new fund is listed on the London stock exchange and will invest primarily in European equities. It will consist of a balanced portfolio comprising 15 to 20 investments.
A spokesman for the fund says the new launch is riding on the back of the introduction of the euro and the company’s European Masters Fund, launched in 1999.
“We developed the new fund to take advantage of the opportunities created by the euro and the increasing amount of EU directives which are designed to promote harmonisation of fiscal and regulatory systems,” he says.
The new fund will be denominated in sterling, which will also account for 85% of its underlying currency exposure, but the spokesman says this shouldn’t affect its attractiveness to Euro-zone investors.
“We are rigorously marketing this fund across Europe, regardless of its sterling denomination. Moreover, its structure as a limited company means practically anyone can invest in it.
"The European Masters was restricted to institutions and high-net worth individuals. We wanted a more open client-base for the European Alternative fund,” he says.