News in brief - 1

• Investec Asset Management has launched the second tranche of its fund of hedge funds. It is assigning management of the Investec Absolute Return Fund Series II to Paris-based Olympia Capital Management. Over the past decade Olympia's flagship fund, the Olympia Star Series, has achieved annual compound net returns of 12.47%. The Investec Absolute Return Fund Series II aims for returns of 5%-8% in excess of US dollar cash returns over a rolling three-year period, with relatively low volatility.