Alternative mutual fund shop Hatteras Funds has launched a new variable trust fund, the Hatteras Alpha Hedged Strategies Variable Fund, which will bet on “multiple” hedge fund managers incorporating alpha strategies including long/short equity, market neutral, relative value – long/short debt, event driven and managed futures strategies.

The fund made its debut on the flat-fee variable annuity platform of Jefferson National last month. It has total annual fund operating expenses of 387 basis points an is managed by Michael P. Hennen and Robert Murphy.

“We believe alternative investment strategies provide higher levels of diversification2 and risk mitigation than traditional strategies, especially during volatile market environments, but some investors and advisors find the taxes to be an obstacle,” stated Robert Worthington, president of Hatteras.

“Hatteras and Jefferson National have removed this obstacle by offering a daily liquid, multi-strategy, multi-manager alternative fund within a tax-deferred variable annuity.”

Raleigh, N.C.-based Hatteras was founded in 2003 and currently manages $2 billion in alternative investment strategies.