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Steenman Asset Management launches fund of hedge funds with $50 million

Date: Thursday, June 10, 2010
Author: Hedgetracker.com

Last month Geneva-based Steenman Asset Management announced the launch of its first fund of hedge funds, the Steenman Core Absolute Return Fund. The new fund launched with $50 million in assets under management, which has been allocated to 23 underlying hedge funds, most of which are US-based. According to Hedge Funds Review, Steenman is focusing on risk management and the size and liquidity of these underlying funds, emphasizing operational due diligence and common sense and limiting the allocation percentage of assets under management to any one manager, especially those who use more volatile strategies.

Steenman has emphasized choosing comfort and familiarity over more volatile strategies, and the Core Absolute Returns Fund will include mostly traditional hedge fund strategies, including equity and credit long/short, relative value, event-driven and global macro. Analysts at Steenman say the fund of funds will generally steer clear of structured finance or model-driven funds.

Steenman Asset Management is an asset management firm that was founded in 2002 by Managing Director and co-Chief Investment Officer Michiel Steenman. The firm specializes in multi-strategy hedge fund investments and develops individually-tailored portfolios for high net-worth individuals, asset managers, and single- and multi-family offices. Steenman Asset Management is currently in the very early stages of developing another fund of hedge funds to possibly launch later this year, this time focusing on distressed securities.