Tremont Launches Insurers' Hedge Fund Lineup

September 17, 2003 ( - Tremont Partners, a subsidiary of Tremont Capital Management, Inc., has pulled back the curtain on a new hedge fund platform of single manager and funds of funds for insurance companies to include in their Private Placement Life and Annuity and Corporate Owned Life Insurance (COLI) contracts.

According to a news release, the launch of the new LifeInvest platform comes as a recent Internal Revenue Service revenue ruling noted that companies selling funds for private placement insurance products must rely on funds available only to insurance providers.   Mass Mutual Insurance, parent of Tremont’s owner, Oppenheimer Funds, is the first insurer to market the platform, the announcement said.

The initial LifeInvest Fund offerings will be three fund of funds specializing in Long/Short Equity, Convertible Arbitrage and Event-Driven.   Tremont expects to add Global Macro and Fixed Income Arbitrage over the next several months.

The platform will also allow investors to invest in some of the single manager funds that comprise the funds of funds. The initial single manager LifeInvest Funds that Tremont will launch will include an Event Driven fund and a Statistical Arbitrage fund, according to the announcement.

Separate from the LifeInvest Funds, Tremont manages four other multi-manager funds for insurance companies that have assets of more than $250 million