For those people who believe that everything is relative, Invesco Asia has scored a massive success. Its 360 Strategic Guaranteed Segregated Portfolio - Hong Kong's first guaranteed fund of hedge funds - raised over $27 million from Hong Kong investors during the offer period which closed on May 30. Given the high costs of establishing retail hedge fund products and registering them with the Securities and Futures Commission, this is a modest amount. Certainly it pales in comparison to the hundreds of millions of dollars that a well-marketed guaranteed mutual fund can pull.
But only the churlish would deny Invesco its due. In February the firm had made its minimum target $20 million....
