Gam is to launch an environmental fund in the fourth quarter for latest hire Paul Udall.
This will be its first single-fund environmental portfolio. It already has a green fund of funds, the Multi-Environmental fund of funds, run by Catherine Cripps.
His new vehicle will invest in firms driven by changes in the development, transportation and consumption of energy and resources.
The manager will be able to go short using derivatives.
The fund will be structured as Ucits III and will sit in the group’s Dublin-domiciled Gam Star product range.
Minimum investment is likely to be in line with the group’s typical £6,000 minimum for retail funds.
David Solo, Gam’s chief executive, says: “Funds that focus on sustainable investing and environmental themes continue to play an increasing role in investors’ portfolios. We are delighted Paul has decided to join Gam, given his specialist skills and knowledge in this area.”
Udall was previously a managing director at Climate Change Capital, and portfolio manager for its Global Environmental Opportunities Long/Short fund.
Gam has launched seven Star funds in as many months, most recently Star Absolute Europe for Mark Hawtin, which raised $130m (£90m) for its launch.
Earlier this month, the group cautioned investors in its Star Global Rates and Discretionary FX funds they would soon be closed to new money, as the strategy nears its £1bn capacity limit.
