Merrill backs fund of funds

New angles

Merrill Lynch is setting up a hedge fund of funds vehicle, backed initially by its own capital, to funnel money into funds that take bets on foreign exchange and commodity price movements. The firm believes this is an innovative new product for investors, but others say there are already ways to get the same exposure.

Michael deSa, global head of forex at Merrill Lynch in New York, says setting up commodity and currency fund of funds vehicles became a key strategic initiative for the bank las

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