Algebris Investments, a UK-based hedge fund, is planning to launch a new low-fee, long-only fund to invest in global financial stocks and bonds, the Financial Times reported.
According to the article, investors have already committed more than US$100 million in initial marketing discussions in the past week.
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The new fund will open in August with a formal launch in September. The fund will charge 0.9% annually in fees.
The new Algebris fund will also be structured as an ‘income’ product, with quarterly dispersals of capital, the Financial Times report added. It will target investments in high-yielding financial bonds or financial equities with high dividend yields.
Davide Serra, CEO of Algebris Investments, said: "It is the right time to invest in financials. The crisis is over. Financials are going to be the key beneficiaries of rising rates in the next three to five years, which will make their margins expand."
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