Cazenove readies 'pure' absolute fund for Russell

Cazenove is to launch is long-awaited UK absolute return fund for Tim Russell on 18 July but has pos...

Cazenove is to launch is long-awaited UK absolute return fund for Tim Russell on 18 July but has postponed the European equivalent for Chris Rice. UK Absolute Target is an open-ended replica of Russell's hedge fund and the group claims it is the first pure absolute return offering in the market as opposed to cash-plus. Rob Thorpe, head of UK advisory sales at Cazenove, said demand for Rice's hedge fund has caused his European Absolute Target fund to be delayed indefinitely. Target returns on the UK vehicle is 10% per annum after fees and Russell will use his business cycle process to ...