Zurich Scudder is to launch the second in its series of alternative investment funds, a UK long/shor...
Zurich Scudder is to launch the second in its series of alternative investment funds, a UK long/short vehicle to be run by Paul Findley.
The fund, which will be launched later this month, will take a similar investment approach to the existing Zurich Scudder Europe long/short fund, managed by Darrell O'Dea.
However the product will take more of a team-based approach than the European fund, although both leverage the research capability and stock selection expertise of the recently combined Scudder Threadneedle group, according to Hitesh Bharkda, head of the group's alternative investment funds department.
'On the UK side, the group has more than 20 investment professionals, who research companies in-depth and grade them on investment suitability. For this product, Paul Findley and co-manager Michael Taylor will use this research to help find ideas for both the long and the short side.'
The size of the new vehicle at launch will depend on investor interest, Bharkda said. 'We are looking for seed capital at present. We have had some commitments but it is still early days.'
Findley formerly worked for the British Aerospace pension fund where he was head of UK equities, before joining Zurich Scudder in 1998 where he runs institutional long-only portfolios. He added that the new fund would generally have a fairly small market exposure, of between 20% and 40% depending on market conditions.
The Europe long/short vehicle, launched in September 2000, has now reached around $100m, on the back of impressive performance with the NAV up to 108.7 in dollar terms at the end of March 2001.
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