New AQR fund with BofA Merrill Lynch

AQR Capital Management has become the latest hedge fund to launch a product on Bank of America Merrill Lynch’s onshore platform, offering its global relative value strategy to retail and institutional investors

AQR principal Ronen Israel and his team pursue arbitrage, equity and macro strategies in the existing unregulated product.

The onshore variant was launched on 26 January, and brings to 10 the number of products on the bank’s Investment Solutions platform, based in Luxembourg.

AQR’s is the first global relative value product on it.

David Kabiller, AQR founding principal, said his firm had almost 15 years’ experience managing liquid, transparent funds.

BofA Merrill Lynch makes such portfolios available in onshore format for as little as $1,000. Funds are currently available in Austria, Germany, Ireland, the Netherlands, Spain and the UK.

Other Ucits-compliant  products on the platform include Graham Capital Systematic Macro fund, launched in December last year; York Asian Event Driven, launched a month earlier; and Zweig-DiMenna US Long-Short Equity, which began last October.
Despite these launches, it has not all been plain sailing for the platform.

A regulated variant of Bluecrest Capital Management’s AllBlue computer-driven fund was launched in November 2008, however it was shut about a year later over manager concerns investment constraints under Ucits prevented it tracking closely enough returns from its offshore equivalent.

David Walker

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