New Finance Capital Partners, a $1.5bn (€1.1bn) UK fund of hedge funds manager, has forged a joint venture with Banco Bilbao Vizcaya Argentaria, one of Spain's largest banks, to tap the high potential of Latin American markets.

The joint venture will market funds of hedge funds to Latin America, Spain and Portugal. Fund of funds managers have said investors in these markets are significantly underserved by hedge fund investment products.