The asset management unit of insurer Phoenix Group has launched its first internally-run hedge fund.
Financial News reported that Ignis Asset Management’s new fund, based in Luxembourg, was seeded with about $33.8 million of internal money. Headed by Russ Oxley, Ignis is doubling the risk its managers are allowed to take for the new fund.
The fund hopes to achieve returns by translating macroeconomic views into diversified long and short positions predominantly in the most liquid government bonds and currencies.
With several locations across Europe, Ignis Asset has about $90.5 billion in asset under management.