First Asset Advisory Services today announced the launch of the Legacy MBF Absolute Return Fund. This fund is the latest addition to Legacy’s managed account program, offering institutional-class solutions for affluent and high net worth individual investors.

Legacy, launched by First Asset in March of 2002, is a multi-manager investment platform designed to provide independent advisors with institutional-class investment solutions to meet the diverse needs of today’s high net worth clients.

Legacy provides a wide range of investment styles through managers who meet rigorous institutional-level requirements. Advisors are able to tailor portfolios to each investor’s special needs and maintain an integral role in the asset allocation process. Legacy also provides advisors with industry-leading performance and tracking capabilities.

The MBF Absolute Return Fund gives individual investors access to the Montrusco Bolton Focus Group Global Fund, a hedge fund of funds previously only available to institutional investors.

The MBF Fund shares many attributes with all Legacy investment mandates, such as top-notch sponsorship, transparency, and clarity of investment strategy. These common strengths and the MBF Fund’s conservative investment philosophy are the foundation of its success with institutional investors, where it has already attracted assets of $120 million since its launch in February of 2002.

“Our goal with Legacy was to create absolutely the best program for advisors to tailor portfolios to the challenging needs of the affluent and high net worth investor, ” said Michael Simonetta, president & CEO of First Asset Management.

The Legacy MBF Fund is designed to enhance portfolio returns, while reducing risk on an ongoing basis. The fund’s low correlation to equity and fixed income markets suits high net worth investors who seek a conservative element in their portfolio.

The fund is jointly managed by the Focus Group, a leading alternative asset manager with over US$1 billion dollars under management and Montrusco Bolton, a long-established Canadian investment manager with $6 billion of assets under management for institutional and private clients.

The fund is designed to produce absolute returns of 6% to 12% per annum over the long term with low volatility.

The Legacy MBF Fund uses a multi-manager approach, combining some of the world’s most talented hedge fund money managers.