UK charity body lines up fund of hedge funds

The UK's charity regulator is to launch a fund of hedge funds to offer another way of investing the industry's $110bn in assets.

The Charity Commission has created the Absolute Return Trust for Charities with UK bank Cazenove & Co. Hedge fund company Fauchier Partners will advise Cazenove on selecting about 25 hedge fund investments for the fund, which is to be launched in late October or early November.

The fund will aim for returns of 8% to 10% a year by investing in a mix of strategies which

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