BlackRock to launch Euro Absolute Alpha fund

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BlackRock is seeking FSA approval to roll out a European Absolute Alpha fund by the end of this quarter.

The fund will be managed by Vincent Devlin - who joined the group last year from SWIP - and the 14-strong European style diversity team, headed by Nigel Bolton. The vehicle will hold between 50-100 stocks and will closely follow the mandate of the Absolute Alpha fund. This fund is run by Mark Lyttleton who was closely involved with designing the new product. Having been paper traded since June, the European fund has made returns in excess of 5%. BlackRock's managing director of UK retail Tony Stenning says: "Due to the current uncertainty and risk aversion demonstrated by many invest...

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