Walk In Fund

From the July 18th Businessweek:

“You once had to have big bucks and bigger connections to get into a hedge fund. Now you can walk into a retail office in Manhattan across from the New York Public Library main branch. That’s where Superfund Asset Management, the U.S. division of a [managed futures] fund, has opened its Superfund Investment Center to “educate people about this asset class,” says Managing Director Aaron Smith. The storefront is one of the unusually public ways in which Superfund is marketing its two managed futures funds, a type of hedge fund that invests in stock, bond, currency and commodity futures. It has run a commercial on CNBC. It also hired former President Bill Clinton to speak at the office’s March opening — although he pulled out, citing his recuperation from lung surgery. Because the funds are registered with the Securities & Exchange Commission, you can generally get in with a net worth of $150,000, Smith says. The minimum investment is $5,000. How is performance? The B shares rose 27.7% in 2003 and 16.82% in 2004, but are down 17.3% this year. B share fees are a superpricey 10.63% — though after 2 1/2 years they fall to 6.63%. Hey, rent is high in midtown Manhattan.”
Anne Tergesen