CHARLOTTE, N.C. (HedgeWorld.com)–Evergreen Investment Management Co., a mutual fund company with US$108 billion in mutual fund assets, plans to join other mutual fund complexes and launch its own hedge fund.
Earlier this month, the firm filed a registration document with the Securities and Exchange Commission for a closed-end hedge fund of funds to be offered privately. The underlying fund of funds portfolio will be managed by Ivy Asset Management, which also manages hedge fund offerings for Evergreen's parent company First Union.
As a firm, Evergreen has subsumed the alternative investments group of First Union and has spent the last year and a half bringing the various First Union asset management groups together under one umbrella, according to a company spokesman. First Union's business practice has been offering hedge funds of funds to clients, and Evergreen has been using Ivy Asset Management to provide those offerings to its high-net-worth clients.
