These are busy times for UK-based hedge fund manager, Reech AiM. Plans are afoot to double the size of its USD156 million Iceberg real estate fund, with a UCITS-compliant version (Glacier fund) due to launch in October. This week, they’ve also announced plans to launch a long-only North American equity Ucits fund to add to their ever-growing Ucits stable. Entitled the Magnetic American Growth Fund, this latest absolute return offering will mirror the firm’s existing US L/S Mariner Strategy equity fund and be managed by the same team. Eduardo Tomacelli will be the fund’s portfolio manager. According to the official press release, the fund will launch November 1^st with USD20-40 million of initial capital. According to Head of Business Development, Ariane Daguise, the decision to launch Magnetic (which will also actively use cash and options) was driven by investor demand. "The manager believes US equities are cheap and that there are a number of growth sectors and stocks emerging” said Daguise. "We believe there is a case for managing long-only money with an absolute return approach, as well as hedge fund strategies." Tomacelli has been managing long-only funds for 23 years. Previous firms include Sagitta AM and Mercury AM. Unfortunately, Tomacelli was unavailable to comment at the time of writing.