FX Concepts Launches Volatility Fund
New York-based currency manager FX Concepts has launched a new fund based on its FX Volatility Program. The Volatility Program is an outgrowth of two specific non-directional strategies that FX Concepts has been operating since March 2002. The first is the options component of the Developed Market Currency (DMC) program ($900 million Assets under Management) and the second is a stand-alone options program ($250 million Assets under Management) that was developed for an institutional client a year later, based on the experience of the DMC options program. The Volatility Fund, available in both offshore and onshore versions, offers monthly liquidity and a minimum investment of $250,000. Fees are 1.5 per cent and 20 per cent. In addition to the funds, the Volatility Program will also be offered through a total return swap where clients receive/pay the returns of the program on a monthly basis based on their share of the swap.