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Amonis appoints Key for hedge fund management

Amonis, the Belgian pension fund for pharmacists, doctors and dentists, has appointed Key Asset Management to oversee its hedge fund portfolio.

The move will see Key managing its $44 million hedge fund portfolio after winning bid over 60 other hedge fund manager, reports Hedge Week.

Key managed to swing the decision in its favor following its "company profile and company culture that is well in line with Amonis's convictions," according to Tom Mergaerts who is the chief financial officer of the company.

The agreed mandate is looking for a target return of three month US Libor plus five per cent with a maximum volatility of seven per cent.

Key Asset Management was founded in 1989 and formed its first hedge fund a year later. The company aims to achieve high risk-adjusted rates of return across a variety of markets while the total company assets amount to $1.3 billion.

Peter Dencik, Key chief executive, said: "We are extremely pleased that an institutional investor as highly esteemed as Amonis has demonstrated the confidence in Key to appoint us as the chosen provider for their inaugural investment in fund of hedge funds.

"We are very excited about continuing our business development with institutional clients, reflective of the maturation of the hedge fund industry."