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Thursday, July 22, 2010

Ramius Hedges its Bets

Reported by Sean Hanna, Editor in Chief

Cowen Group's hedge fund arm Ramius is preparing to launch its first '40 Act mutual fund. The Ramius Dynamic Replication Fund will follow what its advisor calls a "beta timing" investment approach that seeks to replicate the proprietary Ramius Custom Actively Managed Composite and is benchmarked to the HFRI Fund Weighted Composite Index.

Ramius merged with Cowen & Company in November of 2009 to create Cowen Group. The firm tapped Milwaukee-based Grand Distribution Services to disrtibute the fund. [SEC filing]

Ramius Alternative Solutions LLC will act as advisor to the fund with Stuart Davies and Vikas Kapoor acting as portfolio managers.

The fund is offered in class A (RDRAX) and class I (RDRIX) shares. The A shares carry a 5.50 percent load and a 25 basis point 12b-1 fee. Both share classes carry a 2.00 percent CDSC for shares held fewer than 60 days and have other expenses of 33 basis points.

The fund pays Ramius a 115 bp investment advisory fee. The expense ratio for the class A shares works out to 147 bps.  

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