PSigma to launch Global Equity fund for Abate

PSigma is launching a Global Equity fund for James Abate, which will be managed by the group’s New York equity strategic partner, Centre Asset Management.

The fund will come to market in June, subject to FSA approval, seeded with £20m by an institutional investor.

Jing Sun, who is a portfolio manager of global equities at Centre Asset Management, will work alongside Abate as co-manager.

The group says the fund will not be an MSCI index driven product as it will use GDP growth as one of the key screens in its investment process.

Abate runs PSigma's £20m American Growth fund and is managing director of Centre Asset Management.

Abate is previously renowned for running Credit Suisse's Transatlantic fund, which was a top performer under Abate's stewardship, but performance deteriorated after he left the group to join GAM in 2000.

Credit Suisse reshaped the fund's structure to a quantitative system in 2006, with an active stock selection overlay, in a bid to boost performance.