The fund, a Mauritius-registered protected cell company which was created last week, will be formally unveiled in North Korea on 20 Sept.
According to Tom McGrath, a founding partner at Apollo, the fund mimics the methodology and holdings of the company’s Apollo Multi Asset Balanced portfolio. However, the new fund has “slightly more beta [correlation with the market] to suit the international market place,” he adds.
McGrath co-runs Multi Asset Balanced, which was launched in 2008, alongside Steve Brann, Craig Wetton and Ian Willings. The £90m ($140m) fund seeks to generate a positive return “over the medium to longer term”, in excess of cash deposit rates, by investing in a range of asset classes, including: alternatives, bonds, commodities, equities, private equity and property.
The Apollo fund has dollar, euro and Singapore dollar share classes, in addition to sterling. Roger Clarke, sales director at The Synergy Partnership, the exclusive distributor of the fund, says he expects strong demand from Singapore. Clarke previously worked with McGrath and Brann at Miton Asset Management, and founded Miton’s offshore Hong Kong business.
Minimum investment in the Apollo fund is $10,000 and the annual management charge is 1.75%. It has a 10% performance fee above the highest valuation point, and a “discontinuance fee” of up to 5% which may apply on a decreasing sliding scale over a five-year period.
