US bank Morgan Stanley has become the latest player in the newcits arena by adding its first Ucits III-compliant hedge fund onto its FundLogic platform. The MS PSAM Global Events Fund will, as its name suggests, employ a global event-driven strategy. P Schoenfeld Asset Management, the fund’s manager, has selected Dublin (pictured) to domicile the fund, which mirrors the firm’s offshore PSAM World Arbitrage Fund. Merger arbitrage, stressed and distressed credit and special situations will be the key investment themes, although unlike its offshore cousin, the new fund will not be allowed to invest in bank loans due to UCITS regulations. “We are currently seeking regulatory approval for a number of funds managed by leading alternative asset managers and look forward to launching more UCITS funds on FundLogic in the next few months," commented ED and head of FundLogic, Shahzad Sadique, in the bank’s press release. Initial AuM is believed to be USD25 million but is expected to reach USD300 - 500 million by 2011 via institutional inflows. Alongside institutional investors, fund of funds will also be earmarked in Italy, Spain and Germany.