Credit Suisse unveils Ucits-III compliant FoHF

Credit Suisse has launched a Ucits III-compliant, multi-strategy fund of funds (FoHF), the CS Prima Multi-Strategy fund.

The Luxembourg-domiciled fund hopes to invest in various alternative investment strategies including equities, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities and rates. The FoHF will invest in 15 to 35 underlying Ucits funds.

The FoHF will be marketed to retail and institutional investors, according to Matteo Meloni, a member of the institutional portfolio management at CS Alternatives. Credit Suisse intends to start marketing the FoHF in Switzerland. By the third and fourth quarters of 2010, the company hopes the fund will be passported to other European Union countries.

The portfolio manager for the fund will be Salvatore Cordaro. Previously, Cordaro was deputy head of multi-manager portfolios in Zurich.

The fund is managed by Credit Suisse's FoHF management unit which currently oversees approximately $10 billion in assets invested across over 150 fund managers.

The fund has a target volatility of 5% and is hoping to start operations with initial subscriptions of more than €100 million.

The fund offers weekly liquidity.