NEW YORK (HedgeWorld.com)–Lockwood Advisors Inc., a subsidiary of the Bank of New York, is adding several choices to the product menu it offers independent financial advisers, including three registered hedge funds of funds.
Two are Oppenheimer Tremont* funds. One is a market neutral vehicle and the other has a long/short focus. The third fund of funds is Ivy Multi-Strategy Hedge Fund LLC, which was launched last month. Bank of New York owns Ivy Asset Management Previous HedgeWorld Story. All are registered with the Securities and Exchange Commission.
"These will be available to registered investment advisers, who have been for the most part shut out of products on the hedge fund side," said a Lockwood spokesman. "We are now making available to the RIA alternative products that many of them did not have access to before."
Many registered hedge funds are front-end loaded and registered investment advisers can't sell such funds. The Ivy and Oppenheimer funds that Lockwood offers, however, are no load. Alternatively, registered advisers can do private placements, but clients have to be large investors to fulfill placement eligibility requirements.
