City Financial hired Clontarf Capital to manage a new Asian hedge fund of funds, its first fund targeted specifically for U.K.-based institutional investors.
Clontarf assisted City Financial in the design of the City Financial Asian Absolute Growth fund, said Alistair Scott, a spokesman for City Financial.
Clontarf created a concentrated portfolio of 10 underlying hedge funds with exposure to China, India and other Asian countries. Aoifinn Devitt, Clontarf’s founder and principal, is lead portfolio manager for the fund, confirmed Mr. Scott.
“Not long ago, the Asian hedge fund market was considered the ‘wild east,’” Andrew Williams, CEO of City Financial, said in a news release about the new fund. “We’re delighted to be launching the (fund) … to offer select exposure to the considerable on-the-ground fund management talent that the region is beginning to boast,” Mr. Williams added.
Fees for the new fund of funds are designed for institutional investors with a 0.8% management fee and a 10% performance fee, which is charged only when performance is positive, compared to the typical 1% and 10% hedge funds of funds charge.