The first Dubai International Financial Centre domiciled hedge fund was launched this week by Argent Financial Group LLP.

The Constans Crescent Investment Fund offers a new investment vehicle to qualified investors and represents the opening of the regulated hedge fund business in the DIFC.

The Constans Crescent Investment Fund is one of the first hedge funds to employ an equity long/short strategy focusing on investment opportunities in the 'Crescent Belt' of Islamic countries stretching between Morocco and Pakistan, including the GCC, North Africa and Turkey.

The Fund will primarily invest in the regional public equities across these markets and will be positioned to take advantage of multi-directional market movements in order to capture returns regardless of market direction.

Howard Leedham MBE, Senior Managing Director of Argent Financial Group International LLP, said: 'While there are currently a multitude of regional investment funds already available that invest in similar markets; they are typically restricted by only being able to take long market positions. By developing a fundamentally-driven, long/short strategy, the Fund seeks to take advantage of corrections in the markets and deliver consistent absolute returns for investors. This launch is the result of 12 months work done in close consultation with the DIFC'.

The fund brings a new product to wholesale investors for whom Argent Financial Group aims to deliver consistent and positive investment returns.

Sandy Shipton, Head of Asset Management at the DIFC, said: 'Argent's global expertise in the alternative investment market is a welcome addition to the DIFC fund community. We look forward to continued innovation from funds at the DIFC, which will provide wholesale investors in the region with greater choice'