HFA reports recovery in flagship fund
HFA Asset Management has reported its flagship $565 million Diversified Investments Fund is on the road to recovery after a tumultuous two years.
The group suspended new investment applications and redemptions in December 2008 following the decline in global investment markets.
HFA said improved market conditions and the ongoing recovery of liquidity in the fund’s underlying investments could see the fund re-opened to new investments by July this year. HFA Asset Management joint managing director Oscar Martinis said a full return to the pre-financial crisis administrative terms of the fund might be achieved by early 2011.
“The liquidity of the fund’s underlying investments continues to improve at a rate beyond our expectations and combined with the strong positive investment performance we are confident the fund will be back to its pre-GFC terms much earlier than we originally anticipated,” Martinis said.
“After experiencing difficult market conditions in 2008 and 2009, we are seeing investors’ appetite for fund of hedge fund strategies steadily increasing. Applications for redemptions are decreasing and investor sentiment is quite positive.”
A statement from HFA said the assets of the Diversified Investments Fund had appreciated by more than 19 per cent in the 2009 calendar year. The group said the fund must return an additional 13 per cent before reaching its 1 October, 2007 net asset value.
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