UK - The growth of hedge funds continues unabated with New Star and Martin Currie unveiling new products.
New Star is launching a European long/short equity hedge fund which will invest primarily in European and UK securities.
The new product - which will be launched next month - will bolster New Star’s funds under management, which currently stands in excess of £1bn in institutional business.
The hedge fund is designed to provide investors with capital gains over the short, medium and long term regardless of stock market direction.New Star director Ravi Anand said: “Our fund distinguishes itself from the rest of the market because it is the only long/short hedge fund with a pan-European remit.”
Anand said 50pc of the strategy would be based on the UK equity fund run by chief investment officer Alan Miller who formerly spent four and a half years with Jupiter.
The remaining 50pc will invest in European equities. Anand said managers would focus on stock-picking rather than sectors and markets.
The other new hedge fund to enter the market is the Martin Currie Absolute Funds – a UK fund managed by Jeff Saunders.
The portfolio will equally have a balanced long and short portfolios with 20-25 stocks in each. The portfolio will be a 50pc-60pc invested in both long and short positions with flexibility to increase to 100pc on both sides. A spokeswoman at Martin Currie said that there are currently very few UK long/short products on the market at the moment and returns at 15-20pc is good for the market.
Martin Currie director of sales and marketing Keith Falconer said: “We have always said that we would launch further hedge funds when we saw demand was there. Our clients are telling us that they will invest in Martin Currie managed long/short UK fund.”
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