Boutique manager RWC Partners is to launch a Ucits III pan-European equity fund next month as the group continues its push into the retail market.
RWC Europe Absolute Alpha will be run by hedge fund manager Ajay Gambhir. The Luxembourg-domiciled vehicle will target a return of 10% to 15% annually.
It will mirror RWC's Samsara hedge fund, which Gambhir has managed since launch in 2007. The fund took in $800m (£541m), reaching capacity in its first month.
About half of Samsara's gross exposure is in firms with a market cap of more than $5bn, with a further 32% in companies between $1.5bn and $5bn.
Gambhir favours pharma, biotech, banks and tech firms but is less positive on support services and healthcare equipment.
The fund's largest net long bets are in the UK, and its only short is on Italian stocks.
Minimum investment is $25,000, or sterling equivalent. RWC will put the fund on major platforms if intermediaries request.
Chief executive Peter Harrison, says: "Ucits III absolute return funds are generating a huge amount of investor interest, but most of them do not yet have long track records. Ajay has been managing long/short equity funds for seven years."
Gambhir previously ran European equity funds at J.P. Morgan.
The launch is part of a push into the retail market for RWC, primarily known for its hedge funds. The group is planning income and value funds for ex-Schroders managers Ian Lance and Nick Purves, who are joining in August.
In November the group was hit with the resignation of Miles Geldard, the manager of its Global Convertibles fund, followed by colleague Lee Manzi this year.
Dan Mannix, head of business development, says the firm is planning to make further hires.
