The fund, planned to raise $120 million this year, will be traded on the Irish Stock Exchange.
Excellence Nessuah has announced that it is setting up a hedge fund to specialize in emerging markets. The fund is primarily aimed at foreign institutions. It will be managed from Israel, and carry out investments overseas for foreign investors.
The hedge fund will be traded on the Irish Stock Exchange, and will be managed by Robert Clements, formerly director of emerging markets at UK investment house Hermes.
UBS will act as banker and main broker to the fund.
The fund will invest in emerging markets using a long/short strategy.
Excellence Nessuah chairman Roni Biram said, "Our entry into hedge funds follows on from the company's specialization in foreign investors, and represents another means of expanding the group. We intend to raise a fund of more than $120 million this year. The target annual return on the fund is 15%."
Published by Globes [online], Israel business news - www.globes.co.il - on September 26, 2005