Investec follows Star series success with Series II FOHFs

Investec has launched a multi-manager fund of hedge funds with a target annual return of 5%-8% above the US Libor rate.

The Investec Absolute Return Fund Series II will be run by specialist Paris-based hedge fund of funds manager, Olympia Capital Management.

It follows on from the launch in August 2001 of Series I, a $180m feeder fund for Olympia's Star Series fund of hedge funds.

Star has generated annualised returns of 12.5% after charges from February 1991 to the end of 2002 and since launch