The fund will be launched on Deutsche Bank’s Ucits platform this month, and will mirror the long-biased equity long/short strategy Cooperman uses to run his $1bn Omega Overseas Partners hedge fund.
This invests mainly in US mid and large-cap companies and posted a decline of 7.58% in September, according to HSBC Private Bank data, contributing to a year-to-date fall of 12.36% at the end of that month.
Many hedge funds saw declines in September, however, with the Hennessee Hedge Fund Index falling 3.7% in the month, as the strategies suffered their worst quarter since Q4 2008.
Cooperman was involved in the creation of Goldman Sachs’ asset management arm and worked for the bank for 25 years, finishing up as general partner, chairman and CEO of GSAM. He founded Omega Advisors in 1991 and remains its chairman and CEO.
Tarun Nagpal, Deutsche Bank’s head of fund derivatives, said: "Partnering with hedge fund veteran Leon Cooperman represents another key milestone for Deutsche Bank and is testament to our investors that dbalternatives will strive to provide access to the world’s leading hedge fund managers in Ucits."
Deutsche Bank’s alternatives arm, dbalternatives, has more than $12bn in assets across managed accounts, Ucits and ETF products, and provides access to what it terms "some of the world’s premier hedge funds".
Deutsche Bank declined to reveal the minimum investment limit for DB Platinum Omega, but confirmed that the fund is aimed at retail and institutional investors.
