Lugano-based SwissWealth Management has launched its first alternative UCITS fund of funds which aims to avoid hedge fund replica strategies reported Citywire Global this week. Swiss FoHF behemoth, EIM, will act as advisor to the CB-Accent Alternative Alpha Evolution fund for the next 12 months. The fund is to be managed by Gabriele Gentile, who was quoted as saying: “We are trying to avoid the offshore funds that try to replicate their models in UCITS IV. We are looking for funds that were set up with this framework in mind.” The portfolio currently contains around 25 alternative UCITS funds and is only running approximately EUR20million in assets although Gentile aims to have reached the EUR100million mark in the next year. His biggest exposure within the portfolio is to long/short equity, making up 30 per cent of the portfolio. Arbitrage and directional trading strategies each make up 25 per cent of the portfolio with 10 per cent allocated to credit strategies. The remaining 10 per cent is held in cash.