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RWC Partners to launch US absolute alpha fund


RWC Partners will launch a Ucits III equity long short fund, named RWC US Absolute Alpha, in October 2009 pending approval from the CSSF in Luxembourg.

RWC Partners will launch a Ucits III equity long short fund, named RWC US Absolute Alpha, in October 2009 pending approval from the CSSF in Luxembourg.

The fund will be managed by recently appointed Mike Corcell (pictured). 

Corcell has been managing US equity long short strategies since 1999, having been involved in US equity portfolios since 1996. He was previously responsible for managing the Threadneedle American Crescendo Fund, a US equity long short fund launched in 2004. During his period managing the American Crescendo Fund, it returned over 19 per cent on an annualised basis with an annualised volatility of 7.4 per cent. 

RWC US Absolute Alpha will use the flexibility allowed under Ucits III to gain exposure to US equities both in long and short positions. The fund will aim to generate strong returns with a low correlation to market direction and manage downside risk in all market conditions. 

RWC Partners intends for the fund to be registered for sale throughout Europe. It will have share classes that are tax efficient for German and UK investors, whilst offering fully hedged currency share classes in EUR, USD, GBP and CHF.

RWC Partners has raised USD2bn for the existing funds within its Ucits III Sicav range, since it launched into the Ucits III space in January 2007. Approximately 75 per cent of the assets in the funds come from Continental European based investors.

Peter Harrison, chief executive at RWC Partners, says: ‘We have seen considerable support for our existing Ucits III funds from the institutional and private client market across Europe. We find consistent messages coming back from our clients that there is a need for absolute return funds that are managed by proven portfolio managers and that are offered in liquid, transparent and regulated vehicles. Ucits III provides the perfect platform for these funds and we are delighted that Mike’s skills can now be offered to a much wider audience than just the traditional buyers of hedge funds.’

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