There is a logical link between well-performing GTAA systems and Global Macro Hedge Funds. It should, therefore, be no surprise that we are talking to hedge fund providers to see to what extent a joint effort might create a fascinating, new, leveraged, absolute-return product.

We are not, by conviction and through our association with Noble Prize Laureate Dr Markowitz, in the business of generating incredible returns through excessive risk taking. We will use rigid and robust risk controls at all times. As a result, we will not be among the winning providers in individual months or weeks, but ‘score’ through performance consistency and prudent use of our risk budget. This automatically implies that leverage levels are carefully controlled.

We are looking for a partner with whom we can launch our joint strategy by Q3 2008.