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Strategic Investments Group and Permal Group have launched the Active Trading Fund, a Ucits III absolute return multi-manager fund.

Deutsche Bank collaborated in the development of the fund, which launched on 14 May with USD250m.

It is the first alternative Ucits multi-adviser fund to invest entirely in dedicated separately managed accounts.

Each account is managed by an active trading fund manager and is owned and set up by the fund, as well as being housed with the fund’s custodian. There is no commingling with other investors. The accounts are all Ucits III compliant, offering weekly liquidity, full transparency and with independent risk controls.

The mandate to the underlying managers is to generate absolute returns in liquid global markets. TT International, QFS Asset Management, Apex Capital and NWI Management are some of the managers selected by Permal for the fund.

State Street is providing investment services to the fund.

Thanos Ballos, managing partner at Strategic Investments Group, says: “ATF is a sophisticated Ucits III multi-adviser fund, which is entirely focused on active trading strategies, utilising completely segregated accounts and managed by some of the best-in-class fund managers in the alternative space. ATF has weekly liquidity with no mismatch across the whole platform. This is the result of listening to our institutional and family offices investors who wanted a regulated, liquid, multi-advisor fund, offered within the Ucits framework, and with the added safety of independent risk controls. ATF brings together some of the leading names in the alternatives sector, with Ucits III providing the ideal regulatory platform.”

Omar Kodmani (pictured), senior executive officer at Permal, adds: “Combining separately managed accounts with Ucits makes a great deal of sense, given the enhanced control, transparency and flexibility that such accounts provide, and - in this case - enabling each account to be Ucits compliant. By opening the manager field beyond the current Ucits alternatives offerings, we have been able to be more discerning and selective, and more in tune with our wider multi-manager thinking.”

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