MCG launches alpha/beta split currency fund

Macro Currency Group, the specialist currency investment boutique of global asset management firm Principal Global Investors, has launched the Principal Global Investors Funds Multi Strategy Currency Fund.

The fund aims to “reduce the asset allocation burden on investors looking to allocate across strategies and styles”. The fund aims to offer “investors a consistent, uncorrelated source of alpha whilst smoothing volatility and maximising risk-adjusted returns”.

The managers of the fund, a Dublin-registered, Ucits-compliant vehicle, are Mark Farrington and Ivan Petej. MCG said the fund marks the first time a currency vehicle has combined independent alpha and beta income streams in one product offering.

Farrington, head of Macro Currency Group, said: “In recent years we have seen a shift towards ETFs designed to capture certain segments or themes of the market. This has placed the burden on investors to make multiple asset allocation decisions, something that not all investors are confident doing. The Multi Strategy Currency Fund has been launched with the intention that clients are able to make a single allocation to enhance their portfolios, accessing diversification across multiple factors within one vehicle.”

Nick Lyster, European chief executive of Principal Global Investors, said: “As a firm we have been very vocal about how responsible financial innovation can drive the asset management industry forward. This fund is evidence of innovation at work to fulfil a market need, whilst also highlighting the ongoing success of our multi boutique strategy, which is going from strength to strength in Europe.”

The Macro Currency Group is a traditional, fundamental currency and macro manager, with a forward-looking investment style. MCG’s flagship fund, the Principal Global Opportunities Series Macro Currency Fund, finished 2011 up 19.7% and its three-year return up to 7.8% (annualised).

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