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Fundsdirect founder Ewing set to float hedge fund firm

Fundsdirect founder Sean Ewing is set to float his latest venture, hedge fund firm Absolute Capital Management, on Aim in the next two months.

Absolute chief executive and chairman Ewing, a founding investor in the firm, is looking to raise 1.7m-3.4m to fund acquisitions and plans to attract and retain top hedge fund managers through offering equity stakes in the business.

Initially, the firm will float 5-10 per cent of its share capital in a listing which would value it at 34m.

Absolute, which is based in Majorca, has 407m in assets under management across five Cayman-domiciled long/short equity portfolios. The firm will open a London office ahead of the float to raise the company’s profile and service UK investors.

Ewing says it will be only the third firm dealing purely in hedge funds to list in the UK after Man Group and RAB Capital.

Ewing says: “The hedge fund market is a maturing one, with billions of pounds in assets under management, and there is a growing demand for absolute return products that can deliver in all market conditions.”

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