|
|
|||||||||||
|
Noticias de PioneerPioneer Alternative Investments (PAI) has collaborated with HVB Structured Invest S.A., Luxembourg (HVB SI) to launch Pioneer Absolute Return Equity. 6 de marzo de 2008 Dublin /NY/ London 06 March: Pioneer Alternative Investments (PAI) has collaborated with HVB Structured Invest S.A., Luxembourg (HVB SI) to launch Pioneer Absolute Return Equity. The (UCITS III) fund is managed and administered by HVB SI and captures the returns of an underlying hedge fund strategy managed by PAI by entering into a total return swap transaction. The fund aims to make positive absolute returns with minimal market correlation with a target return of EURIBOR plus 250-300 basis points.* The underlying hedge fund strategy achieves its objective through a predominantly European equity long/short approach based on a fundamental bottom up method rather than quantitative. Riccardo Cavo, Head of European Long Short Strategies and Andrea Buda Fund Manager Pioneer Long Short European Equity are responsible for the underlying strategy at PAI and have proven track records within the long/short arena. Describing the relevance of the product in the current climate, PAI CEO, Alberto La Rocca commented: “We know there is a growing demand for absolute return or out-come oriented investment products in all the client segments. Though there are a few similar products on the market, some are offered by long-only houses and we have a clear advantage here by being an experienced, successful hedge fund manager; others have a quantitative style, which has particular limitations. We believe a fundamental approach, reliant on the skill of the manager to deliver the target returns within a risk controlled framework, is much more appropriate for this structure.” *This target can be exceeded or undershot and should not be construed as an assurance or guarantee. Particularly in the short term, the possibility of adverse trends cannot be ruled out. Within UCITS III, a fund is not allowed to directly short stock. Therefore, using derivatives, a UCITS III Fund can achieve the same economic result as short selling stock directly. Luca Mengoni, Chief Investment Officer, PAI Single Manager Investments, Pioneer Alternative Investments explained how it is a natural progression for PAI to develop this offer: “We have always worked to high standards of Liquidity, Transparency and Risk Management in our traditional hedge fund strategies, so when UCITS III provisions were introduced giving the flexibility to develop Pioneer Absolute Return Equity, for us it was a natural and easy evolution to accept all the conditions, almost a plug and play, as they were already part of investment culture; for many other hedge fund managers it will not be so easy as they have constraints that prevent them operating to UCITS III standards. From an investment perspective, we are relying on delivering alpha and not beta; so we are not seeking to exploit asset classes, rather we are extracting alpha without chasing beta. The skill of the human contribution of our fund managers is the platform for our success, not the workings of a machine.” Pioneer Absolute Return Equity is currently available for public distribution in Italy and Spain with the probability of being registered in other countries. La Rocca observed: "As a business we have a strong tradition for Consistency and Innovation and this new product is proof of those characteristics; consistency in the reliable investment returns we are aiming to deliver to our clients and innovation in the construction of this offering and the partnership with HVB SI to create an effective solution. We are already seeing a lot of interest in this fund with Assets already reached €200 million, so we will be keeping a close eye on capacity for further distribution."
|
Acceso rápido