LONDON (HedgeWorld.com)–The Clarkson Shipping Hedge Fund, launched in March, is in the final stages of a test phase. May 2 will be the first dealing day for external investors in the fund, which currently has assets under management of $20 million, the initial investment made by parent Clarkson plc. Minimum subscriptions are currently $1 million or 1 million euro.
The fund invests in equities and equity-related securities, and in shipping market derivatives.
On April 27 the fund announced two changes to its offering memorandum. The first regards an oversight in the summary section, where the phrase "'the fund reserves the right to charge a sales charge of up to 5 per cent of the amount subscribed and to pay such charge to intermediaries" has been deleted. This phrase had already been removed from the main body of the document before the OM was adopted, confirms Vegard Iversen, speaking on behalf of the fund.
