Three down for ShinseiĆ 

And another two possible as Shinsei Bank closes the third tranche of its fund of hedge funds.

Shinsei Bank has closed the third tranche of the Shinsei Protected Japan Trust, a yen-denominated, multi-strategy fund of funds focused primarily on the Japanese market. Raising about $20 million, Shinsei has continued the success of the first two tranches, which raised $30 million and $20 million respectively. Investor Select Advisors is the sub-advisor.

However, that isn't the end of the story, as Nick Bullman, chairman of ISA, says that further tranches are possible. As long as the fund continues to perform as it has been doing, we're looking at a fourth and even fifth tranche later this year, he says. The target is to have between $300 million and $400 million in...

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