F&C Alternative Investments has closed its F&C Amethyst Fund, which was launched in January 2003, to new investors.F&C Alternative Investments has closed its F&C Amethyst Fund, which was launched in January 2003, to new investors.

The successful closure took place this month, the fund having raised EUR 470m from institutional and professional investors.

Fernando Ribeiro, Head of Investments at F&C said: 'We are grateful for the excellent support given to F&C Amethyst Fund by all our investors. I believe that the closure of our first single strategy hedge fund demonstrates our continued commitment to growing our hedge fund business in a sustainable way. We are looking forward to adding new strategies to our fund range as and when we identify the right opportunities.'

Alex Ingham Clark, Marketing Director of F&C Alternative Investments said: 'We soft closed the fund to new investment at the beginning of last year after raising EUR 250m, but we always believed, given current market conditions and contract liquidity, that the optimal capacity was nearer to EUR 500m. We will of course continue to monitor this situation as the market develops.'

Part of the F&C Gemstone range, the F&C Amethyst Fund is an equity volatility trading fund managed by Dr. Stephen Dolbear. The range also includes a derivative strategy fund - the F&C Sapphire Fund - managed by Stephen Crewe, and a European equity long/short - the F&C Citrine Fund - managed by Frédéric Desage-Bonnet, both of which remain open for investment.

For more information on volatility arbitrage, please click here