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Sunday August 07 2022
Friedland's Magnum Tests European Waters

Private Asset Management  July 13, 1998


       The Magnum Group is bolstering its offshore product line with five fund launches, including its first fund of funds concentrating solely in Europe. The firm's new summer lineup also includes another fund of funds along with three hedge funds. The Friedland family-run Magnum Group encompasses Magnum Global Investments (MGI) and Magnum Fund Management (MFM).

      The July 1 launch of Magnum Europe Equity Fund marks MFM's first fund of funds focusing exclusively on Europe, says Dion Friedland, chairman of Magnum, which has more than $500 million under management. The fund contains such hedge funds as the Zulauf Europe Fund, led by noted Swiss fund manager Felix Zulauf and seeded by Magnum. The fund also invests in the Townsley UX Small Cap Fund, which invests only in U.K. equities, and the Giano Capital Fund, which invests in European equities and mostly large-cap stocks.


      The other fund of funds on the agenda, Magnum Enhanced Return Fund, will launch Aug. 1 and provide investors in the Magnum Special Situation Fund with more leverage at no additional fee, says Friedland. The new fund will take advantage of distressed securities, low-risk arbitrage and market-neutral strategies as well as other trading strategies that are not correlated to the stock or bond markets, Friedland says. The special fimd targets annual returns of about 12-18%, and for the enhanced fund, 15-25%. Magnum'sfunds have a 1.5% management fee and no incentive fee. Most of its funds of funds carry a $100,000 minimum, which can be split into $50,000 for two separate Magnum funds.


      Nassau, Bahamas-based Magnum is also seeding Princeton Global Funds, an offshore fund launched July 1, which enables investors to tap into the marketing forecast tools of Princeton Economics International, a large global advisory firm. MGI also seeded the Scott Performance Fund, a hedge fund rolled out last month that invests in long and short futures on the South African stock market. Its single-managed funds usually carry a $250,000 minimum.

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