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Punter Southall Group forms new fund of hedge funds company09/09/2008. Source: AltAssets. 
 Punter Southall Group has established a new $400m fund of hedge funds company through a joint venture with Swiss-based specialist alternative fund of hedge funds investment manager Octane Holding. The new business is to be called Grenfell PAI Guernsey as a first step to scale up its alternative investment operations, the firm said.
Grenfell PAI will manage assets which used to be managed by a subsidiary of PSG, PSigma Investments, acting through its division, P-Solve Alternative Investments, a London-based fund of hedge funds manager.
In addition, Grenfell PAI will manage assets which used to be managed by Grenfell Fund Managers, a fund of hedge funds manager recently bought by Octane.
PSG has a 78 per cent stake in the newly-formed Grenfell PAI, with Octane holding the remaining 22 per cent.
The funds managed by Grenfell PAI will be re-badged with the Grenfell name.
'Scale will be key for the FOHF business as it moves into the next six months,' said Kirsten English, CEO of Grenfell PAI. 'We are gearing up now by investing in resources and increasing funds under management, the first step being our recent merger. By uniting the two companies, we have created an enlarged pool of assets and access to new geographies but without any appreciable increase in our cost base.'
Jabir Sardharwalla, CIO of the new business, added, 'We have our mainstay products which do what they say on the tin such as Low Volatility, which provides steady returns with volatility running at less than three per cent this year. Now we intend to expand our Graduate "endowment style" fund to add a complementary product. This fund has gained a healthy following with our South African investors but now we also see strengthening appetite for this type of fund in the UK and Europe as wealth managers and pension funds seek to tap into the success enjoyed by the University endowment funds in the US.'
English continued, 'We are in no rush to do another transaction, we are just completing the integration phase of our merger, but ideally we would like to nudge the $1bn mark sometime in the next 12 months. We are keeping our ears to the ground for partnership opportunities with people who would share our vision and outlook. This is not about simply rolling up assets for the sake of size. I predict there will be more companies looking to merge because they are sub-scale and struggling which creates a marvellous window of opportunity for us.
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