Parkway unveils long/short hedge

Ex-Schroder's income manager Ian McVeigh will launch his global macro fund on 1 July aimed at capitalising on what he believes is a change in the economic cycle. At launch the Parkway Global Fund, targeting 15% plus annual returns with 10% volatility, will use a number of different strategies including arbitrage/pairs, options and directional trades. Assets will be split with 30% to 80% in equities, 10%-50% in bonds and 0%-20% in currencies. With 30-35 holdings the fund, managed by McVeigh and his partner in the investment boutique Parkway Capital, Nicholas Carn, is open to institution...