Ignis to seed Argonaut Absolute Alpha with £20m

Due to be opened to retail investors later this year, the fund is billed as a European equivalent to BlackRock's hugely successful UK Absolute Alpha vehicle. Oliver Russ, who will co-manage the portfolio alongside Barry Norris, confirmed a soft launch for the fund is imminent once final adjustments have been made to its prospectus. He added that the long component of the portfolio - around 50 stocks each weighted at 1pc - will mirror closely his existing European Equity Income portfolio, alongside 10 short ideas and paired trades. It will aim for a return of 8-10pc per annum, with low ta...