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Aspirin to cure hedge headache

Sagitta Asset Management has come up with an aspirin for the hedge fund market with the introduction of the salix fund.

The fund, which is named after the willow tree that provides the base ingredient of aspirin, is a hedge fund which is aimed at the high-net-worth investor who is looking for growth.

The fund will invest in different areas of the healthcare sector, including pharmaceuticals, care homes, biotechnology, medical instruments, hospitals and drug delivery, where a drug is changed from a liquid form into a powder or pill form.

Most of the companies will be based in the US as this is presently the leading area for biotechnology and pharmaceuticals. These include Cambridge Antibodies, Novoste, which makes medical devices for the treatment of arteries, and Scios, which has just developed a drug to treat heart failure.

The management team are June Scott and Eduardo Tomacelli. Scott manages the Sagitta healthcare fund, which is an offshore unit trust domiciled in Dublin. She joined Sagitta in January 2001, having previously worked for Foreign & Colonial for six years. Tomacelli manages the Sagitta mariner hedge fund and joined the company in 1998.

According to Standard & Poor&#39s, the Sagitta healthcare fund is ranked third out of 54 funds, based on £1,000 invested on a bid-to-bid basis with gross income reinvested over six months to September 10, 2001.

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