German investors might at last be warming to hedge funds. Citigroup, for one, believes so and is about to test the waters. It has just launched the first long/short hedge fund off its platform in Germany. Teaming up with German securities trading house Baader Wertpapierhandelsbank as portfolio manager, the fund will be sold to institutional investors in Germany and Austria though private placements via Bank Medici.
It’s an interesting move. As Justin Dew, senior hedge fund specialist at Standard & Poor’s, points out: “It is pretty brave of Citigroup to go ahead with this launch, given the perceived negativity towards investing in hedge funds in Germany.
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