The Ucits III US equity long short fund is set for launch in October 2009 pending approval from the CSSF in Luxembourg.
RWC US absolute alpha will aim to generate strong returns with a low correlation to market direction and manage downside risk in all market conditions.
RWC says the fund will be able offer daily liquidity and high levels of transparency. The product is to be registered for sale throughout Europe. It will have share classes for German and UK investors, whilst offering fully hedged currency share classes in EUR, USD, GBP and CHF.
The fund is expected to launch in Q4 2009 and Corcell will continue to be based in London, as he has been since 2003. Prior to joining RWC Corcell was at Threadneedle, where he managed the American crescendo fund, a US equity long short fund launched in 2004.
RWC Partners will be announcing details of the team that will be working alongside Corcell in the next few weeks.
RWC Partners chief executive Peter Harrison says: “We have seen considerable support for our existing Ucits III funds from the institutional and private client market across Europe. We find consistent messages coming back from our clients that there is a need for absolute return funds that are managed by proven portfolio managers and that are offered in liquid, transparent and regulated vehicles. Ucits III provides the perfect platform for these funds and we are delighted that Mike’s skills can now be offered to a much wider audience than just the traditional buyers of hedge funds.”