Key Investment Services (KIS) SA

Key Investment Services acts as a distributor to institutional investors in Switzerland. Their pension fund clients invest only in funds of hedge funds and typically use multi-strategy funds although the firm has recently had clients invest in an ABL fund of funds. The most important criteria for Key's clients is the volatility of the fund which must be lower than 10%.Currently the firm's clients have no demand for new fund of funds. Two of the firm's clients have been invested in side pockets for 2-3 years now and the other clients are liquidating.�