BlackRock is seeking FSA approval to roll out a European Absolute Alpha fund by the end of this quarter.
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 investors, we see absolute return vehicles providing the opportunity to drip investments back into the market.
"This fund provides access to a stockpicker aiming to generate pure alpha through an absolute return vehicle."
Minimum investment is £500.
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