US-based FMG Fund Managers launched the FMG Global Hedge Fund on 1 January.
The fund of funds is a revamp of the firm's oldest product, the FMG Global Fund, which was a mixture of both long-only and hedge fund managers.
Since 1 January, the fund has raised US$1m to add to the US$13m of assets shifted in from the old Global Fund.
The new entity will only invest in hedge funds in three areas: global multi-strategy (comprising 40% of the portfolio); US long/short equity funds (30%) and European long
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