London-based RWC Partners is converting its UK Pilgrim hedge fund into a UCITS structure in order to compete with the likes of BlackRock’s UK Absolute Alpha fund in the retail space re
London-based RWC Partners is converting its UK Pilgrim hedge fund into a UCITS structure in order to compete with the likes of BlackRock’s UK Absolute Alpha fund in the retail space reported Investment Week. On 28 October, the Cayman vehicle will redomicile to Luxembourg and sit underneath the firm’s SICAV umbrella. It will be renamed the RWC UK Pilgrim fund. Dan Mannix (pictured), head of business development at RWC, commented that the UCITS-III structure was “more efficient for us” due to the fund’s liquidity, the greater clarity that now exists on the ability to short and the “confidence we now have in the tax efficiency of the UCITS structure”. John Innes, head of UK equities, manages the Pilgrim fund. It uses an equity l/s strategy with Innes making directional bets on the markets, net exposure ranging between +20 per cent and +80 per cent depending on his level of conviction. Over the calendar year the fund has returned +3.28 per cent according to Trustnet Offshore. Mannix was quoted as saying: “This is the perfect vehicle for investors who want directionality with lower volatility.”
