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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