Swip launches Currency Alpha fund

Scottish Widows Investment Partnership (Swip) has launched its Currency Alpha fund, which is run on a quantitative model.

Roddy Macpherson, the investment director for currencies, will manage the fund.

The quantitative model the portfolio is based on has run internally for the past three years. (article continues below)

Macpherson says the portfolio will diversify itself across developed market currencies, including sterling cash assets.

Denominated in sterling with a provision to add euro share classes, it will be a limited issue fund with capacity restrained at £400m and a performance fee.