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Merrill Lynch launches first “hedge fund style” unit trust

Merrill Lynch is launching what it claims is the first long/short hedge fund style fund aimed at retail investors.
The Merrill Lynch UK absolute alpha fund is the first fund in this country to take advantage of Ucits regulations to allow conventional long-only only investments alongside short-selling of stocks where it considers a stock price will decline.
The fund is managed by Mark Lyttleton and aims to achieve a positive return for investors in all market conditions. Unlike a hedge fund, the Merrill Lynch absolute alpha fund cannot leverage its portfolio by borrowing additional money to invest.
Merrill Lynch managing director, UK retail business Richard Royds says: “We are confident that this fund provides a highly attractive new strategy for investors under intermediary advice.”

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