Progressive Alternative Investments Limited has launched the Stockbridge Fund; a UK long/short, small/mid cap hedge fund that began trading on 1 October.

The principal manager of the fund is Ian Lancaster who was previously part of the General Accident team that managed a USD 1 billion portfolio of smaller companies. He is currently the manager of the top performing unit trust in the UK Equity Income sector (in the top 3 of its sector, year-to-date, over 1 and 2 years and since inception, 28 February 2002).

The assistant manager is James Follows who has worked on both the buy and sell side, including 4 years as a smaller companies investment analyst.

Progressive Asset Management group was founded in 1996 and manages some USD 500m in a variety of strategies.