Dallas, Texas 05/06/2014 (FINANCIALSTRENDS) – Retail, commercial, and corporate banking services provider, Wells Fargo & Co (NYSE:WFC) recently announced an introduction of the Wells Fargo Advantage Alternative Strategies Fund which will employ similar strategies resembling to those of institutional quality hedge fund managers. The Fund will offer access to a diversified portfolio of alternative investment strategies and will be advised by The Rock Creek Group, LP which is considered as a trusted name in hedge fund management industry.
President of Wells Fargo Funds Management, LLC, Karla Rabusch commented, “True alternative strategies, offered with the daily liquidity of a mutual fund, are in demand by institutional investors, pension funds, and financial advisors. We are pleased to offer the deep expertise of The Rock Creek Group in sub-advising the Wells Fargo Advantage Alternative Strategies Fund.” Rabusch added that given the unpredictable and volatile market environment, clients are looking for alternative investing options to navigate the market uncertainty.
About the Fund:
The Wells Fargo & Co (NYSE:WFC)’s Advantage Alternative Strategies Fund management offers access to mix of investment strategies, including equity hedged strategy, global macro strategy, relative value strategy and event driven strategy. The fund will be available in different share classes, including class A, class C, institutional and administrator.
The Fund will pursue similar strategies to those generally used by hedge funds but will not invest directly in hedge funds. The four investment strategies employed by the Fund are speculative and involve a high degree of risk and such risks are typically aggravated in emerging markets. The Wells Fargo Advantage Alternative Strategies Fund is exposed to loan risk, high yield securities risk, smaller company securities risk, convertible securities risk as well as mortgage and assed backed securities risk.
Stock Update:
Wells Fargo & Co (NYSE:WFC)’s stock closed at $49.58 on Friday, 0.12% below its previous close of $49.64 and 1.80% below its 52-week high of $50.49. The stock gained 1.08% over last week and close to 9% year to date.
