A fund which does not invest directly in papers as shares, bonds or other securities, but invests risk-weighted in a portfolio of other funds. Through such funds, smaller investors can also invest funds in large funds or diversify their hedge fund exposure to reduce risk. In Germany, such funds are regulated under the name “Investmentfondsanteil-Sondervermögen” in the German Capital Management Companies Act (KAGG). They are subject to supervision by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). – See hedge funds, investment funds, capital management company. – Cf. 2004 Annual Report of BaFin, p. 89 (difficulties in calculating risk), p. 183 (conditions of regulatory approval) and the respective annual report of BaFin (“Hedge funds” section). – In the monthly statistical supplement “Kapitalmarktstatistik” published by the Deutsche Bundesbank, also figures on the number, shares in circulation and assets of domestic funds of hedge funds (domestic funds of hedge funds), broken down by various aspects.
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