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Swiss Private Bank to Launch Hedge Fund

Stephen Harris

20 January 2006

Zurich-based AIG Private Bank is planning to register a new fund of hedge funds in Luxemburg and Germany to avoid negative tax impact for German clients. The new fund, named AIG Privat Bank MultiHedge, is being set up to conform to German tax reporting requirements by investing in managed accounts of individual hedge fund managers. This structure gives weekly liquidity, high transparency and an easy and secured access to all major alternative investment strategies, according to AIG Privat Bank. The fund will have a rigorous bottom-up manager selection combined with a top-down flexible style allocation. By investing in managed accounts, operational risk can be mitigated substantially, said the bank.