CB Richard Ellis is pleased to announce that the Reech CBRE Alternative Real Estate’s Iceberg Fund was named European Fund Launch of the Year at the Funds Europe Awards.

Stephen Ashworth, Fund Manager of Iceberg commented: “It is great for a new group like ours to receive industry recognition like this in such a difficult year. Our focus, this year, on the risks and the reduction of volatility within our strategies has paid off. We look forward to delivering further positive returns to our investors in what will undoubtedly be interesting markets next year.”

Graham Barnes, Senior Director, Real Estate Finance, CBRE, said, “We are delighted that the unique combination of CBRE’s real estate insight with Reech AiM’s capital markets and risk management expertise, which have consistently generated positive returns through this unprecedented period of market turbulence, have been recognised in this award for Iceberg.”

A joint venture between Reech AiM and CBRE, the fund uses derivatives to assume positions on European property markets, as well as trading equity stakes both long and short in listed companies and investing in unlisted funds and bonds. Launched in May 2007, the fund has £120m under management, up by 33% since its inception and by 7% this year.

This is the 2nd award win for the Alternative Real Estate Iceberg Fund this year. In June, the fund won the award ‘Innovation in European Hedge Funds’ at the Hedge Funds Review 8th Annual Performance Awards 2008.