WestAM enters hedge fund market

WestAM, the €38 billion asset management arm of German bank West LB, has launched its first hedge fund, WestAM Navigator Global Fixed Absolute Return Fund.

The Cayman-domiciled fund will be run by Nigel Jenkins and Moe Daniel, and is aimed largely at the fund-of-funds market.

The Navigator Global Fixed Absolute Return Fund invests in directional and non-directional positions in developed fixed-income and currency markets. The fund aims to deliver returns uncorrelated with traditional asset classes. WestAM said that the risk management of the fund is an integrated component of the investment process and is structured to keep annualised volatility at lower levels than in major equity markets.

WestAM is already planning to launch a second hedge fund managed by Frank Naylor and Thomas Tilse of the firm's global balanced and asset allocation team. The fund will be called the WestAM Navigator Multi-Strategy Fund.

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