If you have just $100,000 to spare, you're eligible to try out Morgan Stanley's newest offering.

The Alternative Investment Partners Absolute Return Fund is a fund of hedge funds that, while registered under the '40 act, seeks "absolute returns" for affluent individual investors and small institutional clients. Its management team will be headed by Mustafa Jama, CIO of liquid markets at Morgan Stanley Alternative Investment Partners, according to a press release.

Competitors like Merrill Lynch, UBS, and Smith Barney -- all well connected with retail brokers -- came out with similar products some time back, the Wall Street Journal points out. The new fund will invest in 21 hedge funds, and Morgan Stanley plans to sell at least $500 million worth of shares, the article adds.  

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