Madrid-based fund of hedge funds manager Altex Partners has received approval from the national securities regulator, the Comisió

Madrid-based fund of hedge funds manager Altex Partners has received approval from the national securities regulator, the Comisión Nacional del Mercado de Valores, to launch Altex GLG in partnership with GLG Partners, the 35th fund of hedge funds to be authorised in Spain.

Kyril Saxe-Coburg and Guillermo Zunzunegui are the portfolio managers for the Altex GLG Fund, which will invest in funds managed by UK-based but US-listed GLG Partners. The fund is targeting annualised returns of more than 9 per cent a year and aims to keep volatility below 8 per cent.

Altex Partners, which launched its first fund of hedge funds in 1995, currently manages or advises on total assets of USD400m for clients including clients private banks, saving banks, pension funds, insurance companies and family offices, mostly in Europe. The firm has a strategic agreement with GFIA in Singapore to identify and monitor Asian managers.

It offers clients tailored portfolios, structured fund of hedge funds products with principal protection and varying levels of risk tolerance and return expectations, and a range of funds of hedge funds domiciled in Spain and Luxembourg.

Its existing Spanish funds, which are aimed at a retail market and regulated by the CNMV, comprise Altex Bajo Riesgo (Altex Low Risk), which seek a smooth capital returns with the lowest volatility, and Altex Visión Global, which offers balanced exposure between developed and emerging markets.

Its Luxembourg-based Sigma Fund Sicav, an open-ended umbrella fund structure, comprises the Sigma Fund Asia & Developed, a global multistrategy fund of hedge funds split between Asian and emerging markets and developed markets; Sigma Fund Asia & Emerging, which aims to achieve attractive returns with moderate volatility; Sigma Man Investments, which invests solely in Man products, especially managed futures strategies; and Sigma Universal, a global multistrategy multi-manager fund with significant exposure to emerging markets.

In January Altex extended its operations to the UK with the acquisition fund of hedge funds manager Alpha Value Management, and also added as a London-based partner Santiago Alarcó, previously a global macro fixed-income proprietary trader at ABN Amro.