Polar Capital is considering the launch of a Japan Alpha fund for manager Gerard Cawley.
The former Schroders manager will manage a concentrated portfolio of between 25 and 30 stocks.
Cawley, who joined in 2005, will be able to invest up to 50 per cent in mid-cap stocks and between 50-100 per cent in large caps.
Although the Battle Against Cancer investment trust (Bacit) is understood to have pledged to seed the fund Polar has not committed to launching the fund as yet.
The Japan Alpha fund will target a return of 5 per cent above its Tokyo Stock Exchange First Section Total Return index.