Oppenheimer Introduces More Hedge Funds

OppenheimerFunds Inc. has launched a series of multimanager hedge funds for investors.

Called the Oppenheimer Tremont Hedge Fund Series, the products are designed and managed by an Oppenheimer affiliate, Tremont Partners Inc. The series now includes two funds: the Oppenheimer Tremont Market Neutral Fund, which seeks to generate long-term capital appreciation with bondlike volatility, and the Oppenheimer Tremont Opportunity Fund, which aims for equitylike absolute returns.

Hedge funds are growing increasingly popular, and more firms are introducing them. TASS Research, a Tremont investment subsidiary, estimates hedge funds took in more than $22 billion in new money during 2001, up from $8 billion in 2000.

The Oppenheimer Tremont products are using a "fund of funds" approach, meaning they will be allocated among different managers and/or strategies in an effort to diversify risk and decrease volatility. The minimum investment is $50,000. Only qualified investors–individuals or married couples with net worths of at least $1.5 million–may purchase the funds, which are closed-end investment companies with limited liquidity.

The funds carry a one-time sales charge of 2.5% (with a lower charge for larger investments). Annual management and administrative fees are 2.15% for the market neutral fund and 2.35% for the opportunity fund. The incentive allocation fee for the market neutral fund is 5% and 10% for the opportunity fund. That fee is paid to the investment advisor over and above a predetermined hurdle rate.

For more information, call (888) 470-0862.

MSC Adds Trust Services

Mutual Service Corp. (MSC), one of the nation‚s largest full-service independent broker-dealers, has added trust services for its representatives to help them build their practices.

Recently, MSC added trust services offered by Delaware‚s Wilmington Trust Co., which has more than $26 billion in total assets and is well-equipped to meet the needs of affluent clients with investments of $1 million and higher. The services are available through MSC‚s Web site for its representatives.

"Our team of product experts will leverage the electronic marketplace to efficiently build our representatives‚ practices by providing them with a one-stop address to obtain a host of established, industry-leading products and services," says Sheri Ryan, MSC‚s vice president and director of marketing services.

For more information, call the MSC New Business Development Department at (800)749-8900, ext. 3059.

Company Supports Techfi System

Asset Management Solutions, national outsourcing specialists, has added Techfi Portfolio 2001 to the portfolio-management systems it supports. Licensed users of the desktop version, including Standard and Enterprise, now can outsource the management of their database while their data remains in-house. Manual data entry, printing and mailing also are available options. For additional information, contact Asset Management Solutions at (760) 643-3838 or visit www.assetsolutions.com.

LPL Offers Portfolio Tool

Linsco/Private Ledger (LPL Financial Services) has released a new Web-based portfolio review tool that allows representatives to provide immediate asset-allocated representations of their clients‚ or prospective clients‚ portfolios that relate directly to specific positions and investment objectives.

The tool provides detailed characterizations for the mutual fund, stock and fixed-income portions of portfolios, including sector exposure, duration, estimated annual income and so on.

LPL has headquarters in Boston and San Diego and provides services and support to more than 3,900 investment professionals nationwide. For additional information, visit www.joinlpl.com or call (888) 564-6575, ext. 6555.

Keystone Joins Investors Capital

Keystone Financial Group, based in Neenah, Wis., has joined the independent broker network of Investors Capital Holdings Ltd., headquartered in Lynnfield, Mass.

Keystone focuses on building wealth for families and commercial business owners. The group consists of attorneys, accountants, mortgage advisors and other key professionals.

Investors Capital owns and operates Investors Capital Corp., Eastern Point Advisors Inc. and ICC Insurance Agency Inc. Investors Capital Corp. is an independent broker-dealer including more than 1,100 financial professionals in the United States. For more information, call (800) 949-1422 or visit www.investorscapital.com.