Opalesque Industry Update - Reech AiM Partners, a London-based $300m investment manager specialising in absolute return
strategies, will continue expanding its suite of UCITSIII-compliant offerings with the launch of a
UCITS long only North American equity fund which 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 November 1st with $20-$40m of initial capital, along with institutional commitments.
Ariane Daguise, Head of Business Development, said Reech Aim decided to launch an Absolute Return (long only with active use of cash and options) UCITSIII 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 said. "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, as it is has been granted reporting status in the UK.
The Magnetic fund will follow the debut of Reech CBRE's UCITSIII non physical real estate fund called the Glacier Fund, due to be launched in October 2010. Corporate website: www.reechaim.com