Mellon Global Alternative Investments (MGAI) has announced a set of Dublin-based hedge funds called Mellon Sanctuary 2.
MGAI, the Britain-based alternative investment subsidiary of US firm Mellon Financial Corp, said it has launched the fund of hedge funds in response to earlier demand for its blended offerings of portfolios.
Fund of hedge funds enable investors to get exposure to a mix of different strategies as part of a single package deal in order to spread risk.
The product launch comes after Mellon Global Investments, another part of Mellon Financial Corp, said late in July it was planning to launch a global bond and currency hedge fund in September.
Hedge funds, which are lightly regulated pools of assets, have grown popular in recent years due to their ability to make money regardless of movements in wider markets.