Launches & Closures Funds of Hedge Funds

UK manager rolls out Asian fund of funds


London-based fund manager City Financial Investment Company has launched an Asian fund of hedge funds with just over $50 million of AUM from two UK pension funds.

City Financial Asian Absolute Growth Fund aims to capitalise on the maturing Asian hedge fund industry, with a portfolio of 10 funds with exposure to growth in China, India and other markets in the region. The 10 funds were chosen from a field of more than 1,000 and evaluated for transparency, track record and returns, according to the firm.

The Caymans-domiciled fund, which targets annual returns of 15%, will be managed