Reech Aim Partners, a London-based USD300m investment manager specialising in absolute return strategies, will continue expanding its suite of Ucits III-compliant offerings with the launch of a Ucits long only North American equity fund.
It will be managed by the same team as that of its existing US long/short absolute return hedge fund.
The fund, called the Magnetic American Growth Fund, a North American equity strategy with an absolute return style, should debut on 1 November with USD20m to USD40m of initial capital, along with institutional commitments.
Ariane Daguise, head of business development, says Reech Aim decided to launch an absolute return (long only with active use of cash and options) Ucits III version alongside its existing US long/short Mariner Strategy, due to investor demand.
"The manager believes US equities are cheap and that there are a number of growth sectors and stocks emerging,” she says. "We believe there is a case for managing long-only money with an absolute return approach, as well as hedge fund strategies."
Eduardo Tomacelli will be Magnetic’s portfolio manager, having launched and managed the Mariner Strategy since 2000 and partnered with Reech last year. He has managed long only funds since 1987 at Sagitta Asset Management and Mercury Asset Management.
The fund will have both institutional and individual share classes.
The Magnetic fund will follow the debut of Reech CBRE’s Ucits III non physical real estate fund called the Glacier Fund, due to be launched in October 2010.