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Third tranche of Nomura Culross Alpha Notes planned for September

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A third tranche of Nomura Culross Alpha Notes is anticipated for London Stock Exchange listing at the end of September, only five months after the initial launch of the sterling-denomin

A third tranche of Nomura Culross Alpha Notes is anticipated for London Stock Exchange listing at the end of September, only five months after the initial launch of the sterling-denominated hedge fund of funds portfolio. 

The first tranche appeared on 30 April and has gained an estimated 3.89 per cent in the first three months of trading, an annualized return of over 15 per cent. The second tranche of notes is being submitted for listing at the end of this month.

The Nomura Culross Alpha Notes are primarily designed for direct investment by UK resident professional investors as well as discretionary and advisory portfolio managers and, increasingly qualified private investors. Minimum investment is GBP50,000 and the investment focus is on two hedge fund of funds portfolios managed by Culross Global Management.

In 2007 and 2008, the sterling-denominated class of the Culross Global portfolio (the majority component of the Alpha Notes) returned 44.7 per cent and 5.16 per cent respectively. It is up some 4.4 per cent in the first seven months of this year. Culross Arbitrage, the second element within the Alpha Notes portfolio, is up over ten per cent in the first seven months of 2009.

‘One of the many extravagant predictions to come out of the banking-led financial crisis, was that a tocsin was sounding for funds of hedge funds. In fact, as 2009 progresses, we are seeing a resurgence of interest in well-managed, diversified alternative investment portfolios particular from institutional and professional investors,’ says Chris Keen, Culross Global Management. ‘With a sensible minimum investment level and built on an established history of successful investment management, we strongly believe these Alpha Notes have a great deal to offer investors in terms of durability, diversification and, of course, performance.’

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