Deutsche backs Millburn fund of funds

US-based alternatives manager Millburn Ridgefield Corporation has launched an offshore fund of funds, with $20m of proprietary capital from Deutsche Bank Asset Management as a seed investment.

The new fund, Millburn Alternative Investments Limited (MAIL), is a broadly diversified portfolio of 20 to 30 funds. These will be drawn from the following sectors: event driven; US hedge funds; non-US hedge funds; relative value; and global asset allocator.

Millburn's marketing director, Mark Fitzsimmon