Global Asset Management of Hamilton, Bermuda is planning to file with the SEC to introduce three new closed-end funds in October that will invest in hedge funds, said David Anderson, managing director of Global Asset Management.

The funds will invest in European, technology and global hedge funds, he said. They will be the first funds to invest in hedge funds and will lower the minimum investment needed to invest in hedge funds, he said. There will be a $50,000 minimum investment.

Expenses will be between two and 2.5 basis points, Anderson said. Only individuals with $1.5 million in net worth will be allowed to invest in the funds, he said.

These funds will provide an investment alternative for the growing number of wealthy investors who are seeking alternatives, said Anderson. The funds will also appeal to investors who are concerned about market volatility because hedge funds can offer strong performance in a down market, he said.

Global Asset Management manages $3.5 billion in offshore funds of funds and runs a $1.2 billion U.S. mutual fund family, Anderson said.

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