RWC Partners is converting its Global Innovation Absolute Alpha fund to launch a Ucits version of its Asia long/short equity strategy.
Subject to regulatory approval, RWC will change the name of the $80.4m (£57.6m) Global Innovation Absolute Alpha fund to the RWC Asia Absolute Alpha fund and will replicate the RWC Asia Opportunity fund’s existing strategy.
Priya Kodeeswaran, who runs the Global Innovation Absolute Alpha fund, will be leaving the asset manager, a company spokesman confirmed.
Garret Mallal, who runs the existing Asia Opportunity fund from Singapore, will run the new Ucits fund.
Dan Mannix, chief executive of RWC Partners, says: “Long/short equity strategies have seen a resurgence of demand over the last two years as investors look to Ucits as the preferred structure for these strategies.
“We have been a beneficiary of this trend with over $2bn of new money being allocated to Ajay Gambhir and Mike Corcell’s funds. Geographically orientated approaches seem to be particularly appealing and the launch of Garret’s fund alongside Ajay’s European fund and Mike’s US fund is a natural step for RWC.”