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Próxima Alfa Investments launches Ucits III-compliant hedge fund

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Madrid-based alternative investment manager Próxima Alfa Investments has launched Próxima Global Markets, an Irish-domiciled Ucits III fund that employs hedge fund investment

Madrid-based alternative investment manager Próxima Alfa Investments has launched Próxima Global Markets, an Irish-domiciled Ucits III fund that employs hedge fund investment techniques but offers daily liquidity.

The fund follows a global macro approach, employing a fundamental approach with a highly quantitative component, using directional, relative value and volatility strategies, principally on interest rates, foreign exchange and equity indexes.

The risk profile of the fund is conservative, with an annual target return of 5 to 8 per cent and an expected volatility of 3 per cent. Próxima says that it plans to launch a follow-up fund with a higher return objective in the near future.

Próxima Global Markets is aimed at the international institutional market. Given its legal structure and conservative risk profile, the manager believes that the fund will be particularly suitable for institutional investors looking for hedge fund exposure within a regulated framework.

Despite the recent volatility in the financial markets, the fund achieved a return of 1.9 per cent for 2008 up to April 7. The management team is headed by Manuel Anguita, a former managing director and head of global structuring at Vega Asset Management. Próxima Alfa Investments is an alternative investment joint venture between BBVA and Vega, serving an international clients base from offices in Madrid, London and Dublin.

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