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Swim duo become fledgling futures managers

Two former Scottish Widows investment managers, who left the troubled firm earlier this year, have joined Argyle Investment Advisors to promote its new hedge fund.

Former Scottish Widows Investment Management investment director Robin Garrow and pension fund manager Johnny Campbell will be responsible for the Kestrel fund.

The fund will be based in the Cayman Islands and is an offshoot of the Osprey Group of hedge funds. It will be administered from Dublin.

The fund will follow a long/short equity strategy, which aims to buy stocks which it believes are undervalued while selling short on equities which it believes will fall in price.

A minimum of 60 per cent of the fund will be invested in larger-cap UK equities, with maximum borr- owing limited to 100 per cent of the underlying assets.

There is an annual fee of 1 per cent of the fund&#39s value plus a 20 per cent performance fee.

Commission will be 20 per cent of any revenues produced for the client, including 20 per cent of the annual fee and 20 per cent of any performance fee.

Campbell says: “This fund will be attractive to both institutional and experienced investors who wish to diversify holdings away from traditional long-only investment funds.

“It is worth noting that Kestrel is one of the relatively few hedge funds that offer sterling shares and which concentrate the majority of investments in the UK market.”

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