The multi-family office division of Geneva-based financial services partnership, GWM Group, has taken the bold decision to set up its own Ucits III-compliant hedge fund – the 7H Absolute Fund: the first wealth manager to go down this road. Simone Chelini and Pietropaolo Rinaldi (pictured) have been chosen as the fund managers, in recognition of their solid track record over the years. Launched with initial capital of EUR50 million, GWM plans to reach EUR250/300 in AUM, minimum, within twelve months. Using a bottom-up approach, 7H Absolute will seek out equities and equity-related instruments listed across European exchanges in a traditional long/short strategy, avoiding macro-related sectors such as oil, mining, commodities etc. Month-to-date the fund is up 1.33 per cent, and up 2.16 per cent since its launch last month. GWM CEO, Peter Sartogo, told the press that there were plans to launch another Ucits fund at a later date.