MSIM launches fund-of-hedge-funds

Morgan Stanley Investment Management has launched the Morgan Stanley Global Long/Short Fund, a fund-of-hedge-funds, which aims to offer an institutional-quality portfolio of long/short equity hedge funds. The fund, which is targeted at individual investors and smaller institutional clients, looks to give investors the access to long/short hedge fund managers around the world in a fund-of-funds structure for a minimum investment of $100,000. The Global Long/Short Fund will invest in between 20 and 25 long/short equity hedge funds and allows the underlying hedge fund managers to use leveraged or short-sale positions, and aims to take advantage of perceived inefficiencies across the global capital markets. It is intended to be managed for long-term capital appreciation and to have moderate volatility as compared to the equity markets’. Morgan Stanley Investment Management had approximately $597 billion in assets under management or supervision as of Nov. 30.